Brevard County Home Sales Slumping, But Many See Reason For Optimism

The Brevard County housing market continued to slow last month, according to figures released yesterday by the Florida Association of Realtors.

Compared with a year earlier, home sales fell for both single-family homes and condominiums in October. So did the median selling price — the point where half the homes sell for more, half for less. However, residents and agents need not sound the alarm just yet. While the news was disappointing to an extent, there were some positive aspects to the data.

For one, inventory remained stable. In addition, the median-selling price in October of $212,400 was higher than the September price of $206,100. In October 2005, the median sales price was $238,200. The September-to-October jump in the median sales prices was the first increase since a May-to-June bump to $232,900 from $228,300.

There’s more, according to the Florida Association of Realtors:

• October sales fell 8 percent, to 472 from 512 a year earlier.
• Condominium sales year over year plunged 69 percent in October, falling to 85 transactions from 273 in October 2005.
• The median price for condos in Brevard County dropped 17 percent, dipping to $179,000 from $214,400 at this point in 2005.

While a market slowdown is never perceived as good news for people trying to sell their homes, there are some decent points to a cooling Florida real estate market.

Namely, people who previously were priced out of the market can find new opportunities to buy properties. A Florida mortgage is going to be expensive no matter what, but declines of a few thousand dollars can make all the difference to those trying to qualify.

For those trying to sell a home or a condominium, many are reducing their prices and not expecting the windfalls they might have received a year or two years ago. The record median sales price in Brevard is $248,700, set in August 2005.

Local statistics for Brevard County show housing inventory has dipped slightly with the combined numbers for single-family homes, condos and townhouses for sale falling to 10,728 this month from 10,910 in October.

Gene Collins, president of the Melbourne Area Association of Realtors (MAAR) said today there currently are 7,504 single-family homes, 2,539 condominiums and 685 townhouses listed for sale in Brevard. That compares with 7,704 single-family homes, 2,510 condos and 696 townhouses listed for sale in Brevard a month ago.

Now through early next year traditionally is a slow period for real estate as people concern themselves more with the holidays than buying or selling a home. Collins said there is a significant number of potential buyers who most likely are waiting until early next year to make an offer.

“We still have to convince sellers we’re in a new phase and the asking prices they had last year are probably not realistic now,” Collins said.

You don’t have to tell that to Daryl Adkins. He’s been trying to sell his three-bedroom home for more than a year and has dropped the asking price of $325,000 to $238,500.

“It’s slow all over the county because there is so much on the market,” Adkins said. “Higher taxes and insurance costs aren’t doing us any justice either.”