Brevard County FL Market Watch 13
According to the Melbourne Area Association of Realtors, in March 2010 there were 4978 properties for sale, 105 income producing properties and 2540 vacant lots for sale. There were 1527 available rentals. 998 new listings were added to the market in March 2010. 378 properties sold (this includes all types of properties.) The average sales price was $136,826. The average days on the market were 136. The types of financing used were: 95 conventional loans, 166 cash, 82 FHA, 26 VA and 4 seller financing.
Home sales have continued to increase in Florida, over the past 19 months, in year to year comparisons. In March 2010 there were 16,294 sales, a 24% increase compared to 13,090 a year earlier. Sales increased by 37% from February 2010 to March 2010. The median statewide sales price was $137,000. This figure can be a bit deceiving, as it is pulled down by low priced foreclosure sales.
Interest rates for a 30 year fixed rate mortgage averaged 4.97% in March 2010, down from 5.00% in March 2009.
April 30, 2010 was the last day for buyers to get a property under contract to qualify for the up to $8000 Tax Credit for First Time Homebuyers, or the move up credit of $6500. These buyers must close on their homes prior to June 30, 2010.
The Treasury Department estimates that approximately 1.8 million people took advantage of the credit at a cost of about 12.6 billion dollars. But, was it worth it? Did first time homebuyers need to be enticed to get off the fence to buy? Some estimates indicate that over 2/3 of buyers that participated in the program would have purchased a home anyway. But, this pushed some to buy earlier than their initial plan.
A reminder to military families on duty for 90+ days between January 1, 2009 and April 30, 2010, the credit has been extended until April 30, 2011.
The next new wave of foreclosures that are hitting the market are the $5 Million+ homes. In February 2010, there were 352 of these luxury homes up for auction, across the country. There were a total of 1312 for the entire year in 2009. These properties are a tough sale because the pool of buyers qualified to purchase them is limited.
Reports indicate that owning a home today is becoming more attractive than renting. With property prices coming down mortgage payments are becoming more affordable. In some areas, monthly mortgage payments are leveling off with rents.