Real Estate Ave. Sales Price Up 10 Percent In Brevard
By Bobby Freeman, Florida Realtors® // June 29, 2013
Contract activity best since Dec. 2006
ABOVE VIDEO: In May, prices improved and inventory declined, resulting in a market that is tipping in favor of sellers. As sellers fully understand the impact of scarcity on prices, new listings may grow as 2013 draws to a close. In Brevard County pending home sales rose over 25 percent in May compared to May 2012
BREVARD COUNTY, FLORIDA – According to the National Association of Realtors® (NAR) pending home sales rose in May to the highest level since late 2006, implying more evidence that the real estate market has turned around.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 6.7 percent to 112.3 in May from a downwardly revised 105.2 in April, and is 12.1 percent above May 2012 when it was 100.2; the data reflect contracts but not closings.
Contract activity is at the strongest pace since December 2006 when it reached 112.8; pending sales have been above year-ago levels for the past 25 months.
In Brevard County pending home sales rose over 25 percent in May compared to May 2012. The average sales price was up almost 10 percent for the same time period.
In Brevard County pending home sales rose over 25 percent in May compared to May 2012. The average sales price was up almost 10 percent for the same time period. The only decrease I see is the actual days on the market it takes to sell a property. Last year the average days on the market was at 93 and now properties are averaging 80 days.
‘FENCE JUMPING’ EFFECT
Lawrence Yun, NAR chief economist, said there might be a fence-jumping effect.
“Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,” Yun says.
“This implies a continuation of double-digit price increases from a year earlier, with a strong push from pent-up demand.”
Yun upgraded NAR’s price forecast for 2013, with the national median existing-home price expected to rise more than 10 percent to nearly $195,000. This would be the strongest increase since 2005 when the median increased 12.4 percent.
Existing-home sales are projected to increase 8.5 to 9 percent, reaching about 5.07 million in 2013. That would make existing-home sales the highest in seven years and slightly above the 5.03 million total recorded in 2007.
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 $180 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.
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