Another Great month For Brevard County Real Estate!
Here is a powerful and positive little fact: sales for single family residences for Brevard County are up over 22% for July of 2009 verses July of 2008. That is an astounding year over year number. Additionally, new listings are down slightly over 20% this July verses last July. So, it looks like sales are up and inventory is down; this is a strong sign that the market is improving, and we are bottomed out. If we continue on this track, this current real estate "sale" could end.
There are no real surprises in the market data from July against that of June. Sales continue to show strong numbers, and inventory is decreasing. With 78% of the sales being under $200,000, buyers are really looking for the bargains. One thing that we have found is that these "bargains" are going fast, as 36% of July sales sold in less than 30 days. That means that if the price was right, the house sold fast!
With 66% of homes being financed in the Brevard County area, buyers are still taking advantage of the historically low interest rates. With the majority of the financing being done through FHA and VA loans, many are enjoying the benefits of these government insured and guaranteed loans. With the $8000 First time Home Buyers credit still being offered, first time homebuyers are rushing to the market to find their dream home.
All in all July's Brevard County mortgage and market data proved to be in line with the theme that the market is improving. Sales are up, inventory is down, rates are still low, and with incentives to purchase for first time homebuyers, it is an amazing time to be purchasing real estate! So, make sure that you speak with a mortgage professional to get an idea of you purchasing power and financing options, and then go out there and get yourself a deal before the "sale" is over!