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Summer 2010 Market Update
Market Commentary Provided byGail Youness As sellers have reduced their prices, we are beginning to see buyers show increased interest. Many more inquiries about foreclosures and short sales than we have seen for several years now. |
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| Average Home Price | $200,000 - View Graph Trend |
| Average Price Compared to Last Year | Down 5-10% |
| Average Time on Market | More than 120 days |
| Prices As % of Asking Price | 90-95% |
| Existing Home Prices for the past 90 days are? | |
| Market Trend | No Change |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Seller Activity for the past 90 days in Melbourne is? | |
| Multiple Offers? | No |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | |
| Is Financing Available For Qualified Buyers? | |
| Housing Inventory | Good supply - Some Prices |
| Greatest Activity | Repeat Buyers |
| Reason to Buy/Sell | Other |
| Housing Hot Spots | Indian Harbour/Indialantic/Satellite Beaches, Viera/Suntree |
| Average Sold Price | $200,000 - View Graph Trend |
Melbourne Local News
Repeat Buyers & Investors With Cash Boosting Home Sales & Prices In Many Markets, New HouseHunt Survey Shows
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
For the first time in nearly three years, repeat buyers and investors have overtaken first-time buyers as sales leaders once again in the nation's housing market. As a result, prices of bank-owned REOs and properties involved in short sales are being bid up by multiple offers and cash buyers in many neighborhoods, according to the latest HouseHunt quarterly current market conditions survey.
"The current ratio of 58% to 42% favors repeat buyers," said Michael Bearden, president and CEO of HouseHunt, Inc. "This is an increase of 10 percentage points over a year ago and 24 points over six months ago. In a more balanced market of supply and demand, repeat buyers usually lead by a two-thirds ratio."
Click here for full article...
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Mortgage Rates
– Jul 30th, 2010 –
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30 yr. fixed rate: 4.60%---------------------------------
15 yr. fixed rate: 4.07%
30 yr. jumbo rate: 5.42%
15 yr. jumbo rate: 4.98%
Home Values
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Gail Youness
CENTURY 21 Spectrum |
321-779-0210 x336 |
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