Brevard County Home, Condo Sales Rise
The number of home sales in Brevard County increased in February as prices stayed about the same, according to the Florida Association of Realtors.
The number of existing single-family home sales on the Space Coast rose to 474 in February, up 42 percent from 333 in January.
In addition, the number of existing condominium sales in Brevard increased to 103 last month, more than doubling from 42 in January as Florida home mortgage loan costs remain advantageous to buyers.
Housing sales normally increase from January to February, statistics show, but February’s increase marked only the third time in eight months the number of local sales have gone up from the previous month.
Meanwhile, the median sales price for local existing single-family homes dropped slightly to $201,100 in February, a slight drop from $202,500 in January and $232,700 in February 2006.
The median sales price for existing condos increased to $168,800, up from $164,000 in January, but down from $206,300 in February 2006.
“It doesn’t look like home prices are going to fall any more,” said Wayne Archer, director of the University of Florida’s Bergstrom Center for Real Estate Studies.
“When prices maintain the same level as inflation, then we’re probably in some kind of equilibrium. It indicates the market is stabilizing.”
However, Ingo Winzer, president of the Local Market Monitor, a firm that tracks national and Florida housing market trends, said it’s more likely that prices will continue to fall.
That’s partly fueled by investors and so-called “property flippers” selling off the homes they bought when prices were rising.
National and statewide trends are a different story. But homeowners and Realtors have varying takes on the market in Brevard County.
Stacey Barin is about to close the sale of her home north of Melbourne for $425,000. Barin had the house on the market for six months, originally at an asking price of $475,000. She’s relatively satisfied with the price she’s getting.
“I have no complaints, because I’ve got a contract on it, and I’m selling it now,” she said.
Mark Buhrkoff of Satellite Beach, on the other hand, said trying to sell his home has been a disappointment. He has been trying to sell the house himself for a year, dropping the asking price from $350,000 to $275,000, but that sum still hasn’t yielded any interest from prospective Florida mortgage applicants.
Robert Willmarth, president of the Melbourne Area Association of Realtors, said he has bright outlook for the local housing market. Willmarth said he thinks the market will have a relatively strong year in 2007.
“Anyone who thinks there will be a recession doesn’t know what they’re talking about,” Willmarth said, talking up the area’s low unemployment rates and the county’s modest gains in population.
Barbara Wall, president of Prudential Sterling Properties in Indian Harbour Beach, also thinks the market is on an upswing. Her firm’s business picked up in February, with both increases in number of sales and home prices.
Meanwhile, the average rates quoted by a Florida home loan lender have been dropping or staying the same for the better part of 2007 so far. Borrowing costs this low continue to favor buyers. We’ll see if home prices continue to slip downward and provide even more help.
SOURCE: Florida Today
