Melbourne Area Blog

At the end of 2009 we saw increases in month over month sales from the previous year in 11 months out of 12. Over all statistics comparing 2008 to 2009 are:

Residential Sales were up 16%... Price averages were down 21%

Condo Sales were up 48% ... Price averages were down 19%

Townhome Sales were up 17% ... Price averages were down 21%

Looking forward... sales will continue to increase, and although prices seem to have leveled in some areas, as an average the sale price may continue to decline.

Short sales will continue to be an issue... generally only 1 in 4 "short sale" listings sell.

Although interest rates are still hovering at 5% many indicators suggest that interest rates will rise. The extension of the first time homebuyers tax credit (until April 2010) and the addition of a tax credit for those who have lived in their homes for a minimum of 5 years will fuel home sales through the first quarter of the year.

Watching the National news yesterday and this morning the big Real Estate news was that homes sales fell by over 17% in December.

That may be true across the country but does not reflect the real estate market in Brevard County. December 2009 homes sales were just slightly down compared to December 2008. 434 single family homes were sold in December 2009 compared to 438 sold in December 2008. Just a diiference of 4 homes sold or 1% decrease in sales. November 2009 single family home sales numbered 391... meaning that December sales increased by 43.

The median price continued to decline... 17% compared to the median sales price in December 2008.