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

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

107 active listings priced from $70,000 to $799,000
*8 short sales

17 properties are under contract ranging in price from $89,000 to $875,000
*2 short sales

35 houses have closed in the past 6 months

Applying the Absorption Rate Formula would indicate taking 18.35 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 12.34 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.

THIS IS A BIG IMPROVEMENT OVER THE LAST REPORT DONE 2/22/2008
IT'S ALL GOOD :-)

Gail MacMillan Broker-Realtor®
Home Sweet Home Florida Realty, Inc.
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

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