Real Estate Market Report/Absorption Rates - Titusville FL (MLS Area 104) - Feb. 2008

Area 104 - State Road 50 (Cheney Hwy) to Kings Hwy

117 active listings priced from $88,900 to $819,000

16 properties are under contract ranging in price from $89,000 to $875,000

30 houses have closed in the past 6 months

Applying the Absorption Rate Formula would indicate taking 23.5 months
to absorb the current inventory of homes in this particular area. However
if I add in the homes under contract (without accounting for any new listings
prior to these closings) the absorption period is reduced to 15.25 months.
It is my belief that the market has stabilized and we are entering a period
where the public begins to understand that a shift is in progress. We are
coming out of a buyers' market which began August 2005. It was long and
it was hard, but normalcy is returning to the area. What occured is natural
in the real estate cycle, but I don't think we are headed for a major sellers'
market anytime soon.

Gail MacMillan Broker-Realtor®
Home Sweet Home Florida Realty
At Home With Diversity (AHWD)
Certified Residential Specialist (CRS)
e-PRO Internet Certified (e-PRO)
Graduate Realtor Institute (GRI)
Relocation Specialist
Titusville, Florida
Cell: 321.544.6808

www.HomeSweetHomeFlorida.com great website - check it out - pass it on