BREVARD REAL ESTATE SALES PRICE UP 19 PERCENT
By Bobby Freeman, Florida Realtors® // September 22, 2012
THE SPACE COAST • BREVARD COUNTY, FLORIDA – Although not a news flash, and should be nothing new to those who follow my blogs, the Florida real estate market is changing.
There are more closed sales, pending sales are up and in general inventory is down across Florida. I’ll mention once again that prices are up. According to the latest housing data released by Florida Realtors®, the statewide median for townhome-condo properties was $102,980, up 13.2 percent over the previous year.
The National Association of Realtors® (NAR) reported the national median sales price for existing single-family homes in July 2012 was $188,100, – up 9.6 percent from the previous year.
“Florida’s housing market is still reviving,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“Everything that should be going up is going up, and everything that should be going down is going down. After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction. We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch.”
According to data from Florida Realtors Industry Data and Analysis department, and vendor partner 10K Research and Marketing, statewide closed sales of existing single-family homes totaled 18,669 in August, up 10.8 percent compared to the year-ago figure.
Once again, great positive news for Florida but how does this affect Florida’s Space Coast? I still get phone calls from potential buyers wanting to buy a direct three bedroom new oceanfront condo for $50,000 stating that the space center has closed and everyone is leaving Brevard County and there is lots of doom and gloom.
This is not true. The space center is open for business and doing well. Port Canaveral is expanding and many top companies are relocating to Florida’s Space Coast.
Sorry, but there are no direct three bedroom ocean front condos available for $50,000. In fact, condo sales in Brevard rose 32 percent to 135 sold compared to last month. The average sales price is $144,319, up over 19% compared to August 2011.
While the number of new listings available to sell (residential, condo and townhouse) rose almost 8 percent to 1,512, the number of closed sales was up over 18 percent and pending sales are up 46.8 percent compared to previous year.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.60 percent in August 2012, lower than the 4.27 percent averaged during the same month a year earlier.
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ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards and has recently been presented with the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $150 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.