June prices for real estate market in Brevard reach 2012 high

As the real estate market continues to recover across the US, it has been revealed that both home sales and median prices of properties located in Brevard County have reached a 2012 high, according to a report released recently.

In a local market update issued by Florida Realtors, it was shown that 666 sales of single-family homes were closed in the month of June, which represents a 9% increase when compared to the same month in 2011.

In addition, the median prices for the homes being sold was $125,000, which is a 14% rise when compared to June 2011.This prompted one real estate expert to say: “It’s a positive report.  I think it shows things are starting to turn.”

As the news adds to the positive feeling currently surrounding the real estate market in the US after what has been a tough number of years, it was also revealed that cash sales are helping to drive the market while some people are, unfortunately, struggling to be able to obtain a mortgage.  The expert went on to add: “Many people that were on the fence before are finding that they’re on the wrong side of the fence now. They’re being vetted more than ever before.”

All of this comes as great news for people who are looking to sell their homes, as there is also a shrinking inventory in Brevard leading lower supply and in Economics 101 high demand with low supply means higher prices and people willing to pay more.  Inventories fell during the month of June by 54.3% and it is now only taking 34 days to sell compared to 69 days 12 months ago.