The Bottom of the Real Estate Market in Brevard County

Well, for all you folks who have been waiting for the bottom of our real estate market, it has come and gone.

There are many indicators that prove this is true:

• Multiple offers on Bank Owned Properties and Short Sales
• Bidding Wars are common place
• Single Family Home and Condo Inventory dramatically decreased this year
• 3rd Consecutive Quarter Home Sales have increased over same quarter previous year

I have been of the opinion that home and condo prices are actually artificially low this year, due to the large volume of short sales and foreclosures. So even though you may have missed the bottom, prices will remain extremely attractive this year. As short sales and foreclosures begin to ease, prices will start climbing again (probably sometime in 2010).

Read the Florida Association of Realtors report on first quarter sales: http://www.floridarealtors.org/NewsAndEvents/n1-051209.cfm

The latest stats in Brevard County show just over 4900 homes currently available with an average of 450 homes sold each month this year. That is less than a one year inventory compared with 2007 and 2008 when we had close to 10,000 homes on the market which represented a 2 1/2 year turnaround time.

If you are considering the purchase of a home, please take advantage of the once in a lifetime deals this market offers! Record low interest rates, federal and state incentives for buyers, and artificially low real estate prices will probably not be seen again!

Check out the homes for sale at: http://sthomson.servingbrevard.com