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So far sales prices have shown little sign of decline in the Brevard market.
Although listing prices are being forced back to reality if the owner wants
to sell, the median sales price in the Brevard market is still UP in
comparison to the beginning of 2005.
Median sales price in the first quarter of 2005 was $199,156
with the average sales price being $238,422
Median sales price in the third quarter of 2005 was $236,000
with the average sales price being $282,492
Median sales price in the first quarter of 2006 was $225,000
with the average sales price being $236,822
Current Median sales price in the 2nd quarter of 2006 was $229,950
with the average sales price being $265,676
So if you are doing a market analysis on a property, either use recent
comparables or sales from the early part of 2005. Be careful of comparing
properties that sold during that brief peak in June through Sept of 2005.
Be prepared for continued negative media presentations when the papers can
FINALLY trumpet a slight decrease in prices when comparing against year ago
numbers. That will probably happen in July or August. The media have been
predicting a burst bubble for so long that they will make a big deal about a
very small decline from the very peak of the market.
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