Viera, Florida Real Estate Market

Many factors have affected recent trends in the real estate market in Viera, Florida over the last decade.  While the national economy has impacted the entire U.S. housing market, other local phenomenon have direct effects on the real estate market in Viera, and throughout the region.  An example is the unique climate in the state of Florida, and the severe damage as a result of hurricanes can influence the market.  For instance, various homeowners insurance companies pulled out of Florida after suffering too much in hurricane losses.  The result was a decrease in housing statewide as many homeowners panicked when obtaining property insurance became a major concern.

Over the years, the median sale price for housing, whether single-family or condo, has had many ups and downs.  In 2000, the median sale price of homes in the Viera area was $100,000.  Almost a decade later, median homes in 2009 were selling for $89,400.  This variance has much to do with the nationwide collapse in the housing bubble.

However, breaking down number of sales of existing versus new homes in Viera is a different matter.  In November 2010, the number of sales and prices of existing homes rose from the same month in 2009.  This was the first rise in 4 1/2 years.  In February 2011, the average price for an existing home was $87,700.

The high point in the Viera residential real estate market came in August 2005, when prices reached almost $250,000.  Still, permits for the construction of new homes fell in 2007 marking, the lowest for these permits since 1982.  The drop median home prices for existing construction was 50% from 2005 to 2008, from $248,700 to $125,200.  Another development that impacted the Viera housing market came in 2008, when a number of mortgage insurers refused to do business in Brevard County, which includes Viera.  These companies also made the same rejections in doing business in many parts of the U.S. This was intended to discourage an unstable market situation, which is triggered by potential buyers who wish to pay less than the customary 20% down on a home.