March Home Sales Rebound, Prices Rise Higher

By  //  April 23, 2014

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National Housing Report SEES increase

ABOVE VIDEO: The median price of homes sold in March was 8.8% higher than the median price in March 2013. A continuing low inventory of homes for sale has pressured prices to rise, especially in markets that have experienced an accelerated recovery.

BREVARD COUNTY, FLORIDA – For the first time in 2014, March saw home sales increase over the previous month.

For the first time in 2014, March saw home sales increase over the previous month.

For the first time in 2014, March saw home sales increase over the previous month.

While sales were 10.1% below the levels of one year ago, they rose a significant 24.6% higher than February sales. Every one of the 52 metro areas surveyed for the March RE/MAX National Housing Report saw an increase in sales over February.

The median price of homes sold in March was 8.8% higher than the median price in March 2013. A continuing low inventory of homes for sale has pressured prices to rise, especially in markets that have experienced an accelerated recovery.

On a year-to-year basis, March became the 12th consecutive month with fewer inventory losses than the previous month. At the rate of sales in March, the Months Supply of inventory fell to 4.1, where a supply of 6.0 indicates a market balanced equally between buyers and sellers.

Margaret Kelly

Margaret Kelly

“Clearly, unexpected winter storms resulted in a slow start for housing this year, but the strong rebound in March sales could build momentum for spring and summer,” said Margaret Kelly, RE/MAX CEO.

Many potential homebuyers who weren’t able to get out and tour homes in January and February may still enter the market and impact sales in the next few months.” 

TRANSACTIONS YEAR-OVER-YEAR CHANGE median sales price year over year

March home sales rose by an average of 24.6% over sales in February. While unusually harsh weather impacted January and February sales, the March increase marks the beginning of the 2014 home selling season.

The market still has ground to make up from the slow start and remains 10.1% below March 2013 sales.

However, for the first time in the Report’s history (since August 2008), all 52 metro areas surveyed saw a monthly sales increase.

MEDIAN SALES PRICE

March home sales rose by an average of 24.6% over sales in February. While unusually harsh weather impacted January and February sales, the March increase marks the beginning of the 2014 home selling season.

remax year over yearThe market still has ground to make up from the slow start and remains 10.1% below March 2013 sales. However, for the first time in the Report’s history (since August 2008), all 52 metro areas surveyed saw a monthly sales increase.

DAYS ON MARKET

The average Days on Market for all homes sold in March was 77, which was 2 days less than the average in February, but 8 days less than the average in March 2013. March marks the 22nd consecutive month with an average Days on Market below 90.

The low Days on Market average is mostly associated with a reduced inventory of homes for sale. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

MONTHS SUPPLY OF INVENTORY months supply of inventory year over year

A low supply of homes for sale continues to characterize today’s market. However, the rate of year-to-year inventory reduction is declining.

The inventory of homes for sale in March was just 0.2% less than February and 5.9% less than last March, when the year-to-year inventory loss was 29.5%.

At the current rate of sales, there is a 4.1 Months Supply of inventory. A supply of 6.0 is considered balanced.

ABOUT THE AUTHOR

Bobby Freeman

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.com TO SEE CONDO LISTING LOG ON TO CocoaBeachCondoGallery.com


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