Titusville, Florida Real Estate Market

Titusville, Florida, much like other parts of the state, has experienced difficulties in its real estate market over the last several years.  However, there are signs that the economy in this area is improving, even if the current trends are not considerable enough to signal a housing recovery.  Occupancy is one measure of real estate market developments.  At the beginning of 2000, there was a housing occupancy rate of almost 90%, which figure is calculated by comparing the number of households in the Titusville against the number of housing units.  This rate is considered very typical of the national rate.  However, between 2000 and 2009, more than twice as many houses were built than there were residents to move into them.  As a result, the occupancy rate to just over 80%.

As far as housing prices, the median sales price of single-family homes sold in the Titusville area in April 2011 was up almost 22% as compared to the same time period in 2010.  The sale of condominium units, as a separate measurement from single-family homes, was also higher during the months of March and April 2001 versus March and April 2010:  40% more condos were sold in in 2011, though the median sales price was down about $10,000.

In a separate examination, it was determined that house prices in the Titusville area were overvalued at different times from 2000-2009.  The average price in December 2009, fell to a new recent low of $104,100.  In January 2010, the number of housing sales dropped to mark another recent low.  Annual foreclosures rose from just over 1,000 in 2005 to almost 10,000 in 2008, and from 2007-2010, there were 25,600 foreclosure filings.  In fact, by 2010, more than one-third of real estate sales were the result of foreclosures.