REAL ESTATE: February Market Report
By Bobby Freeman // March 25, 2014
ABOVE VIDEO: RE/MAX researches 52 major metropolitan markets and analyzes the data to get a pulse on the US housing market. Here are some highlights from this months report.
BREVARD COUNTY, FLORIDA — Florida’s housing market reported higher median prices, more new listings, fewer days on the market and a stable level of inventory in February, according to the latest housing data released by Florida Realtors®.
“This is the 27th month in a row that statewide median sales prices for both single-family homes and townhome-condos properties have gone up,” says Realtor Jennifer McCoy of RE/MAX Elite’s McCoy-Freeman Group.
The statewide median sales price for single-family existing homes last month was $165,000, up 10 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
“Prices and demand are also up here in Brevard” says McCoy. The median sales price for a single-family home in Brevard was up 11.5% and the median sales price for townhomes-condos was up over 13% compared to this time last year.
“The majority of results for the residential market paint a picture of a normal growing market,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“The weaker results in sales for both single-family homes and townhouses and condos are solely the result of plummeting short sales. This is actually a good sign since short sales are falling because prices are rising, reducing the number of homes that fall into the potential short sales category.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.30 percent in February 2014, up from the 3.53 percent average recorded during the same month a year earlier.
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A quick recap of the Brevard County Residential Report for February 2014 compared to February 2013:
• Closed Sales are up 13.1% for February 2014 in which the number of units closed were 621 compared to 549 in February 2013, with an increase in cash sales by 15.4% compared to February 2013.
• New Pending Sales are up 0.2% and New Listings are up 6.3%.
• Median Sales Price for Brevard County Single Family Homes are up 11.5% to $124,900 compared to a year ago, which was $112,000.
• Median Days on the Market are up 55.0%, which is 62 days compared to 40 in February 2013.
• Months Supply of Inventory is down -1.1% to 4.4 months compared to 4.4 months in February 2013.
A recap of the Townhouses/Condos February 2014 statistics compared to February 2013:
• Closed Sales are up 20.7% for February 2014, with an increase in cash sales of 17.5% compared to February 2013.
• New Pending Sales are up 13.6% and New Listings are up 15.7%
• The Median Sales Price for Townhouses/Condos are up 13.1% to $116,500.
• Median Days on the Market are down -11.7%, which is 53 days compared to February 2013, which was 60 days.
• Months Supply of Inventory is up 12.8%, which is 6.1 months compared to February 2013, which was 5.4 months.
• Traditional Sales are up 28.3%, with a median sales price of $135,000.
• Foreclosure/REO Sales are up 25.0%, with a median sales price of $75,000.
• Short Sale Closings are down -30.8%, with a median sale price of $82,000.
• Traditional Sales are up 26.3%, with a median sales price of $149,450.
• Foreclosure/REO Sales are up 31.9%, with a median sales price of $79,250.
• Short Sale Closings are down -69.0%, with a median sale price of $101,500.
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 $200 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.