Average Condo Sale Up 10 Percent In Brevard
By Bobby Freeman // July 25, 2013
Days On Market down 22 percent
ABOVE VIDEO: RE/MAX CEO Margaret Kelly talks about housing market performance with Sara Eisen and Deirdre Bolton on Bloomberg Television’s “Market Makers.”
BREVARD COUNTY, FLORIDA — According to the latest housing data released by Florida Realtors® Florida’s housing market continues to move ahead in June with more closed sales of single-family homes, more new listings, rising median prices and reduction of homes available for sale.
June marks the 18th consecutive month that we’ve seen the statewide single-family home median sales price increase year-over-year.
“The rest of the country is finally catching on to the fact that Florida’s real estate market is growing significantly,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“For the past two years, we’ve been up month-over-month in closed sales. The significant part of this month’s numbers is the growth in new listings, suggesting that the inventory crunch will ease in the second half of this year.”
Statewide closed sales of existing single-family homes totaled 20,403 in June, up 8.
HOMES ARE SELLING FASTER
In Brevard County the average residential sale was up 3.62 percent to $162,644 and the average condo sale was up more than 10 percent to $158,976 in June from the previous year.
In June there were over 15 percent new listings that hit the market. However this increase was easily absorbed with an increase of 14.5 percent in sold listings compared to June 2012.
Homes are selling faster and faster. The average DOM (Days On Market) dropped over 22 percent in June from 95 days to 74 days for residential homes sales in Brevard. On average sellers received about 94 percent of their asking price in June.
LOW-BALL OFFERS ARE OVER
“The days of submitting low-ball offers are basically over,” says RE/MAX Hall of Fame Member Jennifer McCoy.
“The days of submitting low-ball offers are basically over,” says RE/MAX Hall of Fame Member Jennifer McCoy. “You better come in with a strong offer if there are already multiple offers on a new listing” says McCoy.
“You better come in with a strong offer if there are already multiple offers on a new listing” says McCoy.
“Having all cash does help with contract negotiations however I am now seeing more buyers with financing offering a higher purchase price to attract seller acceptance.”
National Association of Realtors (NAR) reported the national median sales price for existing single-family homes in June 2013 was $214,700, up 13.2 percent from the previous year.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in June 2013, up from the 3.68 percent average recorded during the same month a year earlier.
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.
For more information log on to BrevardRealtyConnection.