According to the Florida Association of REALTORS, April 2008 is the third consecutive month in which Brevard County home sales increased from previous months, in single family and condo units. We are seeing the market pick up a bit, relative to the past several months sales. This holds true statewide, also.
However, figures are down compared to sales in April 2007. The median price of a single family home sold today is $160,000 compared to $195,500 a year ago. Condo prices dropped from $180,000 a year ago to $161,700 today. Median price means that half of homes sold for more and half of the homes sold for less money.
In some areas, across the nation, there is a 10 to 12 month supply of single family homes available for sale.
Is the market still declining? Have we hit rock bottom?
The big question may be, what happens when the oil bubble bursts? Or is it a bubble?
We have heard it said that if you cannot invest in the stock market for more than 10 years, stay away from it, otherwise you’ll lose money. Is this true? So, where will people put their money?
Will they go back into real estate sooner than we anticipate?
Will we hit rock bottom, and no one really recognize it, before the prices head back up?
We have seen buyers getting into the market today, negotiating good deals on homes for sale, purchased prior to the 2005 boom. And, many of the sellers negotiating with those buyers have seen their homes appreciate by 20% - 50% and sometimes even more.
Conditions for buying are favorable. Interest rates are still historically low. Remember when rates were 12% - 13% ? I remember when rates were even higher than that!
So, have we lost our perspective in this market? Or are high taxes and insurance rates stifling our growth?
If buyers do their homework and shop around there are good prices to be found. We’re seeing deals being scooped up everyday.
Check my website and read the Florida Association Realtors article, 20 Market Positives for Florida Real Market.
that for you
Hi Sandy;
Congratulations on the increase of sales in your market area. I wish you the best of luck... Have a great weekend.
Thanks Anthony, we have seen a definite pickup in our local market. Best wishes to you too. Have a wonderful holiday weekend! Sandy
Nice to hear about prices starting to recover. While I wouldn't say that our prices are up, our sales pace is picking up.
Lisa,
I would have to concur with your comment. We are seeing prices up a bit over the past several months, however still down since last year (and that may be the way it stays for a while). Our sales pace is picking up, here. More buyers in the market. They are looking for longer, and are negotiating for longer than they have in previous markets. However, I believe that sellers that bought prior to 2005 are becoming more realistic in their pricing. Those are the homes that are moving off the market. Best wishes! Sandy