While out looking at houses with buyers, in the Melbourne Florida area we are still seeing a number of houses that are overpriced. For some owners they owe more on their homes than they are worth in today's market, thus the high price tag.
Other owners are still holding on to the hope that they are going to get those high ticket prices that sellers where getting in 2005 and 2006, at the peak of the market.
But, those houses have to appraise based on recent, comparable sales in the area.
As owners drop their asking price, often they are still behind the market. The reduction doesn't amount to enough to get the price near or below current market value. So, they are chasing the market. And, it's pretty clear that the longer a house sits on the market, the lower priced the offers that come in are going to be. If there are any offers at all.
Today, statistics indicate that Melbourne FL Real Estate prices are back down to 2002 prices. Our median sales price in Brevard County is $100,000.
According to Trulia.com, across the nation, this is the third month in a row with the highest percentage of price reductions, up to 26 percent.
Trulia's statistics indicate that:
These cities had the highest percentage of price reductions in September 2010:
1. Minneapolis, Minnesota 43%
2. Milwaukee, Wisconsin 40%
3. Phoenix, Arizona 39%
4. Mesa, Arizona 37%
5. Albuquerque, New Mexico 35%
6. Memphis, Tennessee 35%
7. Boston, Massachusetts 35%
8. Tucson, Arizona 34%
9. Baltimore, Maryland 34%
10. Dallas, Texas 34%
These cities had the lowest percentage of price reductions in September 2010:
1. Detroit, Michigan 16%
2. Miami, Florida 18%
3. Oakland, California 19%
4. El Paso, Texas 19%
5. San Jose, California 20%
6. New York, New York 20%
7. Los Angeles, California 22%
8. San Antonio, Texas 23%
9. Denver, Colorado 23%
10. Fort Worth, Texas 23%
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My Jackson MS market doesn't appear on either list. Our percentage of price reduction averages around 10%. Thanks for the info, Sandy.
Thanks for the info Sandy!
Sandy,
In your opinion is there still another potential major drop in prices going to occur in your area this year? I have read ( can't remember where) that maybe 20-40 % additional price decreases are possible this year or early next in Brevard county..
Sandy, it's always hard to say whether it's partly sunny or mostly cloudy. I'm leaning towards more clouds.
It is one crazy market! I am almost seeing a standoff between Buyers and Sellers. How low can I push it says the Buyer!!!
Hi Sandy, good post, our market is very similar as to median sales price. Sellers are getting a bit impatient with buyers wanting even lower prices, and buyers want everything perfect at a rock bottom price. It requires some level head thinking to make things work out to everyones satisfaction.
Pat, Price reductions at 10%? Our area is not listed on their either, but I found this really interesting.
Yolanda, You're welcome.
Bob, That's a great question and I wish I could dust off my crystal ball enough so that it would tell me the truth. We do have about 7000 job layoffs coming from the Titusville area due to the shutdown of the Space Shuttle Program. I don't know how far the trickle down effect is going to come on down to the Melbourne area. Our market has been brisk, and our prices have reduced the median price of $100K. There are investors back in the market, international buyers, second home buyers and first time homebuyers scooping up attractively priced properties. We have seen buyers in multiple offer situations. Brevard County is an attractive destination from people coming from all over. But, we are all hearing about that shadow inventory - but when will we see it - that's the big question. We are hearing that the market may continue to decline a bit, but not an incredibly large amount. Time will tell.
Kevin, This picture does look like a mostly cloudy day, doesn't it?
Paul, Oh, I know, buyers are pushing it to the absolute limit - that's for sure.
Silvia, You have described our market here in Brevard County to a tee.