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.