Condo market improves.

As with all markets, the real estate market has its peaks and valleys.

Buyers can still search for months to find their dream property.

Negotiations of contracts proceed from the "insulting" low offers to a "meeting of the minds" on price within three to six weeks, when it used to be three to six days.

The good point is, the lower-priced properties or more desirable properties, may be receiving multiple offers. Please do not misunderstand . . . the offers are not list price or above but having more than one offer presented on the same property is great action in today's real estate market.

Now for the facts, as I calculate the action:

I see positive change in the oversupplied condominium market, based on statistics I see though the Multiple Listing Service.

Based on my analysis of the sales in the oceanfront condominium market since Jan. 1, I note that 25 oceanfront condo units are selling each month. There are 528 "active oceanfront condo" listings on the market.

With this information, I can forecast that it will take approximately 21 to 24 months to sell this existing inventory.

Now for the change: Currently 40 units are "under contract."

Provided this trend continues, and if these condo sales close in a 30-45 day period, this could change the market considerably.

That is, the existing inventory of condos might sell now in a 13 to 16 month timeframe -- a dramatic change from a two-year market to something approaching a one-year market.

What does this mean? In my opinion, it means that it is possible, if this selling trend continues, that the market may change from a "buyer's market" to a "balanced market" in 1.5 years instead of the 2-year period.

Great news for Brevard County and an encouragement for those buyers looking at oceanfront condos to get moving. These great buys may not last for long.

The overall view of activity over the past three months is indicated not only by the increase in the sales volume, but the fact that the average prices of sold properties are on the rise.

--- In May, the average sale price of "all properties sold" (to include residential, condo, vacant land, commercial/industrial and income properties) was $182,593.

--- In June, that average was $197,879;

--- In July, the average was $377,103.

Sales tend to have a domino effect when the market activity changes. When lower-priced properties move, it prompts those who sell to buy larger, more expensive homes and thus, the price range of sold properties begins to move to a higher priced bracket.