Nice homes are in high demand and short supply.
Currently we still have short supply with high demand however builders are constructing again at a rapid pace.
- From 2008 through 2015 few if any new home developments were built in Brevard County FL.
- From 2007 through 2016 most home owners could not sell their homes. Due to the housing bubble that burst in late 2006 their homes were only worth about 1/2 what they paid.
- From 2007 through 2014 the foreclosure rate exploded; 200-300 foreclosures per month. Many of these homes were bought by investors and are still be held as rental properties.
The above conditions created a housing shortage that Brevard is trying to catch up with now.
- Currently in 2017 beach side, Viera and some Suntree area values are nearly back to peak prices of 2005.
- Palm Bay and Melbourne areas are at about 75% of peak prices from 2005. (varies on age and location)