LifeByTheBeach

Gain in Home Prices is Forecasted for the Melbourne – Palm Bay – Titusville Area!

Posted on: August 17, 2011

Great news for Brevard County real estate!  Read on…

On August 9th, Fiserv, Inc. released an analysis of the home price trends in more than 380 U.S. markets based on the Fiserv Case-Shiller Indexes. For those who are saying, “What the heck is Fiserv?”, here’s your answer! Fiserv is the leading global provider of financial services technology solutions, and their indexes are owned and generated by Fiserv, as well as data from the Federal Housing Finance Agency.

According to the latest Fiserv Case-Shiller Indexes, four of the 10 metro areas where home prices are projected to grow the most between the first quarter of 2012 and the first quarter of 2013 are in Florida! These areas include Melbourne- Palm Bay- Titusville, along with Ocala, Palm Coast, and Panama City-Lynn Haven-Panama City Beach.

In the analysis, Dave Stiff, chief economist at Fiserv, pointed out several positive trends in the real estate market. He said, “Mortgage delinquency rates have been falling for more than a year. Foreclosure rates have started to decline. The flood of bank-owned sales, which has swamped many markets, will finally begin to recede this year as fewer houses enter the foreclosure pipeline. Meanwhile, housing affordability has nearly returned to pre-bubble levels. Relative to family income levels, the average U.S. home is now only 5 percent more expensive than it was in 2000.”

The analysis continues to explain that these factors, when combined with economic growth forecast for the coming quarters, point to a broad-based recovery for housing that will begin in early 2012. Between the first quarter of 2012 and the first quarter of 2013, homes are expected to increase by an average of 2.7 percent.

Only 2.7 percent, you say? Don’t worry, our area’s individual metro market forecast for this timeframe looks even better. As the analysis stated, we are one of the top 10 areas where home prices are projected to grow the most between the first quarter of 2012 and the first quarter of 2013. Now, here are the numbers:

Palm Bay-Melbourne-Titusville, FL Metropolitan Statistical Area

Forecast change: 

First Quarter, 2011 – First Quarter, 2012:   +2.7%

First Quarter, 2012 – First Quarter, 2013:   +15.1%

No, your eyes are not deceiving you, those numbers are positive! And yes, it says +15.1% for 2012-2013! Yes please, we’ll take it!

If you would like to check out other individual metro market forecasts, click here.

As I have said before, now is a great time to buy! Prices are still low, so if you are thinking about buying a home or condo in Brevard County, stop thinking and start looking! I would be happy to help you find your perfect home, just shoot me an email or give me a call!

For Fiserv’s full release, click here.

Whether you are buying or selling, it would be my pleasure to represent you!  Please call or email me today to review your real estate needs!

Contact me, Carolyn Smith at:

Phone: 321.271.0870

Email: CarolynSmithRealtor@gmail.com

http://www.CarolynSmithRealtor.com

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Your Coastal Estate Team: Carolyn Smith, Realtor & Bridget Sentz, Realtor

"Your Coastal Estate Team"

Contact Carolyn at:

RE/MAX Olympic Realty
445 Fifth Avenue
Indialantic, FL 32903

Direct: 321.271.0870
Fax: 321.574.3044

Email: CarolynSmithRealtor@gmail.com

Contact Bridget at:

RE/MAX Olympic Realty
445 Fifth Avenue
Indialantic, FL 32903

Cell: 321.537.5720
Office: 321.952.4000

Email: BridgetSentz@gmail.com

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