This article is part of "The Patrick AFB Online Relocation Package".
UPDATED 7/1/11
Home Values In Brevard County FL, "Florida's Space Coast":
Distressed properties (foreclosures / short sales) continue create downward pressure on home prices. From the peak prices in 2005 to the end of 2nd quarter of 2011 the median price for residential property has declined by about 54%*.
The second quarter showed a 22% increase in the median price for homes sold compared to the first quarter of this year. That increase was that sharpest increase in many years. Although on the surface this is a positive development, much of that increase can be attributed to the decrease in the number of distressed properties that were sold in the second quarter, compared to the first. 53% of the homes sold in the first quarter were distressed properties and only 45% of the homes sold in the second quarter were distressed.
ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.
The Average Residential Absorption Rates For Brevard County:
2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 10.0
2010: 10.6
2011: 7.4
Demand has remained relatively stable for the past year or so, while the number of homes for sale has been coming down over the past few months. This is reflected in the absorption rate for the county. This is another positive sign, for the local housing market. It remains to be seen if these numbers are just a temporary situation or a sign of the market finally hitting bottom and beginning to stabilize.
Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County.
This article is part of "The Patrick AFB Online Relocation Package".
UPDATED 1/1/11
Home Values In Brevard County FL, "Florida's Space Coast":
Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of fourth quarter of 2010 the median price for residential property has declined by 57%*.
In 2010, according to MLS data, 46% of all the residential properties that sold in Brevard County were distressed. (27% foreclosures and 19% short sales)
In the past two years the home value declines have not been as steep, with some signs of leveling out. But with the large numbers of distressed properties still on the market the values will continue to decline.
*Data from Brevard County MLS: Sold; Residential
ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.
The Average Residential Absorption Rates For Brevard County:
2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 10.4
Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.
Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County
This article is part of "The Patrick AFB Online Relocation Package".
The new Patrick AFB BAH rates for 2011 are now available. In general, the allowance is lower than in 2010, reflecting the decline in housing prices in the area.
2011 BAH Rates - Patrick Air Force Base
Rank With Dependents W/O Dependents E-1 through E-4 $ 1065 $ 798 E-5 $ 1200 $ 900 E-6 $ 1467 $ 1101 E-7 $ 1509 $ 1131 E-8 $ 1551 $ 1254 E-9 $ 1650 $ 1338 W-1 $ 1470 $ 1104 W-2 $ 1527 $ 1251 W-3 $ 1581 $ 1344 W-4 $ 1674 $ 1479 W-5 $ 1788 $ 1518 O1-E $ 1518 $ 1200 O2-E $ 1572 $ 1317 O3-E $ 1692 $ 1467 O1 $ 1230 $ 927 O2 $ 1464 $ 1155 O3 $ 1578 $ 1371 O4 $ 1833 $ 1512 O5 $ 2016 $ 1539 O6 $ 2037 $ 1578 O7+ $ 2055 $ 1611
UPDATED 10/1/10
Home Values In Brevard County FL, "Florida's Space Coast":
Distressed properties continue create a lot of downward pressure on home prices. From the peaks in 2005 to the end of third quarter of 2010 the median price for residential property has declined by 58%*.
Prices remained relatively stable throughout 2009 , but the increase in distressed properties (foreclosures and short sales) in 2010 has pushed prices to new lows. Of the 4,916 residential homes that sold in Brevard County since the start of 2010, 47%* of those properties were either foreclosures or short sales. Interestingly, while distressed properties make up only 36%* of the available homes for sale they count for 47%* of the closed transactions. This is the main reason that the median home price continues to decline.
*Data from Brevard County MLS: Sold; Residential
ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.
The Average Residential Absorption Rates For Brevard County:
2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 10.2
Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.
Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County
There are many homes on the market (but inventory has been shrinking) which allows, you as the buyer, to find the right home for you, at a good price.
If you are selling a home, and, it is priced correctly, IT WILL SELL. I have done this many times in this market. Pricing, strong marketing, and the condition of your home are the keys to accomplishing this.
What does all this mean?
Now is your opportunity!
UPDATED 7/1/10
Home Values In Brevard County FL, "Florida's Space Coast": Brevard County like most of the country has not been immune to the decline in home prices. Distressed properties have put a lot of downward pressure on home prices. From the peaks in 2005 to the end of second quarter of 2010 the median price for residential property has declined by 51%*. The number of residential properties sold in the second quarter of 2010 was 2385, that compares to 2249 from the second quarter of 2009, that is an increase of .6%. But that included an unusually large number of homes that closed at the very end of June, due to the expiring tax credit. *Chart data from Brevard County MLS: Sold; Residential ABSORPTION RATE is a calculated ratio that can show you the relationship between supply and demand. It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace. The Average Residential Absorption Rates For Brevard County:
Prices remained relatively stable throughout 2009 and then took a dip at the end of 2009 and the beginning of 2010, only to have another uptick for the second quarter of 2010. Currently home prices appear to be muddling within a narrow range and we’ll have to see if that trend continues. The federal tax credit expired at the end of June and it remains to be seen if the credit artificially stabilized prices the past year and a half. But considering that 1/3 of the homes on the market are considered distressed (Bank Owned or Short Sales), there is still significant downward pressure on pricing. The overall picture should become clearer by the beginning of next year. 
2004: 2.6
2005: 4.4
2006: 9.5
2007: 15.6
2008: 16.1
2009: 9.9
2010: 9.7
Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but good homes priced properly are selling.
Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to ALL military personnel moving into and around Brevard County
There are many homes on the market (but inventory has been shrinking) which allows, you as the buyer, to find the right home for you, at a good price.
If you are selling a home, and, it is priced correctly, IT WILL SELL. I have done this many times in this market. Pricing, strong marketing, and the condition of your home are the keys to accomplishing this.
What does all this mean?
Now is your opportunity!
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I specialize and offer real estate services for military, civilian, retired and DoD personnel moving to and from the Patrick AFB, FL area.
After getting into real estate, I soon realized that you can't be everything to everyone. After working with several Air Force families, I found that I really enjoyed helping them find their new home. So I decided to specailize in that market and launched AmericanAirmanHomes.com.
I have over 17 years of sales and marketing experience, as well as running my own business. I am completely dedicated to make the military move a successful one. You can find out more about my Patrick AFB Real Estate team at my website.
Patrick AFB PCS Relocation Package.
This blog is a collection of information and articles created for and online relocation package. It should make a PCS move to Patrick AFB easier.
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John S Murphy is a "self proclaimed" Philosopher - Poet - REALTOR, in the great tradition of the other great Philosopher - Poet - REALTORs.
He is considered by many to be a raconteur, a man-about-town, overall swell guy, and is believed to have a keen perspective into the human condition.*
But most of the time, he specializes in Military PCS and DoD relocations to and from the Patrick AFB area in Florida.
*John S Murphy is not endorsed by other Philosopher - Poet - REALTORS®, and your own human condition may vary.
I've created the real estate website AmericanAirmanHomes.com to cater to the special needs of military members that are moving into and out of the Patrick AFB Area. It is a complete resource. There is a section for Patrick AFB Real Estate and Patrick AFB housing information, where people can look at featured listings as well as search the Brevard County MLS. For those unfamiliar with the area, there is also a section for area highlights with a virtual tour of the area surrounding Patrick AFB.
Here are some recent testimonials from my clients.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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