Melbourne Area Blog

As another month begins we are seeing a transition in the real estate market.

July homes sales were up 12% in July... that trend began last September... already a year has passed! The number of homes sales in Brevard county increased (compared to the same month the previous year) in all months except December. The driving cause was high inventory and the decline in prices. Prices have declined a whopping 41% since the peak of the boom in 2005. Now the inventory is much lower than a year ago.

I am not ready to say that the market has turned, however it has stabilized in specific areas. The higher end market is still stagnant. There are areas where many homes were bought at the peak of the market and there are many "short sales" or foreclosed homes on the market, which will mean the prices will still decline.

There are now buyers waiting for new listings to come on the market. I have seen several multiple offer situations when a home is in good condition and is priced at or under market value.

The sales figures will be out next week for sales in August. Again, I expect an increase in sales compared to August 2008.

Have a safe & happy Labor Day weekend!