Melbourne Area Blog

We have seen the real estate market make some gains in 2011. The number of homes sold was 13% higher than in 2010. The median price was down 3% compared to 2010 but has stabilized in many areas of the county.

Many buyers have taken advantage of the lower inventory and the lowest interest rates in years. It is not just your normal investors entering the market. Several clients this past year have opted to take advantage of the low prices and purchase an investment property to generate income from savings not earning much interest in investment accounts. The rental market is extremely busy. With three such purchases, tenants were found within 2 weeks of closing.

Foreclosure filings were down almost 50% in 2011, however at the end of the year the numbers had started to rise again. With the low inventory, I don't expect that foreclosures will have much affect in most of the county as banks tend to list these homes at current market value.

Another sign of the low inventory is that in the first two weeks of this year I have been in multiple offer situations. This is pointing to another busy year!