Real Estate Market Florida Space Coast

Florida Space Coast, November 2008, Association of Realtors released these figures below:

# Existing home sales in Brevard located on the Florida Space Coast fell 13 percent from 379 in November 2007 to 328 last month. The median sales price — the point at which half the Florida Space Coast homes sell for less, half for more — dropped 31 percent to $126,700 from $184,000 a year earlier.

Florida Space Coast

The Florida Space Coast November tally was a 22 percent decline from October, when 432 existing homes sold on the Florida Space Coast for a median price of $152,200.

# Condo sales in November remained unchanged from a year earlier at 67, but the median price fell 34 percent to $113,800.

In October, the median sales price for a Florida Space Coast condominium was $133,800 as buyers purchased 79 units.

Florida Space Coast Realtors

Statewide, single-family-home transactions increased 4 percent to 8,571. The median price fell 27 percent to $158,300. Condominium sales fell 8 percent to 2,278 and the median price slid 30 percent to $130,600.

Nationally, existing Florida Space Coast home sales fell 8.6 percent to an annual rate of 4.49 million in November, from a downwardly revised pace of 4.91 million in October, according to the National Association of Realtors.

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The median sales price plunged 13.2 percent in November to $181,300, from $208,000 a year ago. That was the lowest price since February 2004, the biggest year-over-year drop on Florida Space Coast records going back to 1968 and most likely the biggest drop since the Great Depression.

Although the Florida Space Coast housing market is struggling as a result of the economic ills world wide, at least it has made housing affordable once again to those otherwise couldn’t purchase their own home. This was the deciding major factor for September and October for home sales on the Florida Space Coast Today.

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As the prices remain low and interest rates for mortgages keep slipping… the stage is set for the housing market to provide some juice in the economic recovery down the road. Buyers will not return to the Florida Space Coast housing market until they are sure they can meet a house mortgage without the fear of losing their job.

As we have seen with other areas of the USA economy, a housing stimulus is so critical now to encourage more buyers to draw down the current inventory and stabilize home prices.