This article is part of "The Patrick AFB Online Relocation Package".
UPDATED 1/1/11
Home Values In Brevard County FL, "Florida's Space Coast":
Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of fourth quarter of 2010 the median price for residential property has declined by 57%*.
In 2010, according to MLS data, 46% of all the residential properties that sold in Brevard County were distressed. (27% foreclosures and 19% short sales)
In the past two years the home value declines have not been as steep, with some signs of leveling out. But with the large numbers of distressed properties still on the market the values will continue to decline.
*Data from Brevard County MLS: Sold; Residential
ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.
The Average Residential Absorption Rates For Brevard County:
2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 10.4
Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.
Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County
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