Brevard County Market Watch

Summer 2008

Recently the Federal Reserve opted not to cut the Fed Funds Rate because so much money has been lost in so many sectors of the economy. So, is this it? Is this the turn in the market that we have been telling buyers about?

Will interest rates begin heading up? What will this mean to the real estate market? 

Today, with higher gas, food prices and energy costs we will eventually have the risk of inflation spreading.  Thus, we are hearing rumors that the next move for the Fed might be to increase the Fed funds rate. Will mortgage rates go up with a Fed funds increase? How much?  This remains to be seen. If only we had a crystal ball to predict the future…Read the full article on my blog at http://activerain.com/blogs/sandyshores ____________________________________________________________________

There were 848 mortgage foreclosure filings here in Brevard County in June 2008.  This was a monthly record.  Foreclosures and short sales are providing buying opportunities for many.  But, on the other hand are they also driving down property values in our area?  Or are they just bringing prices back down to more realistic levels, pre 2005?  Read my article on my blog at http://sandyshoresmelbourne.wordpress.com/.

Did you know that there are currently 798 homes available for sale in Melbourne Florida priced below $200,000?  And 1513 homes in Palm Bay?  Did you also know that there were less than 10 homes available for sale in Melbourne in January 2005 priced up to $200,000? UNBELIEVABLE!     ____________

There are currently 3154 homes and condos available for sale in the Melbourne and Palm Bay areas.  There were 219 homes sold and closed from July 1 to July 31, 2008.  There are currently 191 homes under contract. Some areas have a 12 to 15 month (and more) supply of homes available for sale!

The Florida Association of REALTORS indicates that homes sales dropped only 5% from June 2007 to June 2008.   The median price decreased from $198,000 to $166,400.

Today, 4 out of 10 buyers are first time homebuyers, because there are currently so many great time programs available in the market today.  These buyers are freeing up owners that have been landlocked, and allowing them to proceed ahead in the purchase of a replacement home, thus moving the market.