Housing Market: More Listings, Prices Rise in May
By Bobby Freeman, Realtor // June 24, 2014
market 'not slowing down anytime soon'
ABOVE VIDEO: Real estate is a vital part of the economy in the Sunshine State, and Florida Realtors® serves as the voice for real estate in Florida. In this Market Minute, Florida Realtors Chief Economist Dr. John Tuccillo updates you on the state’s housing statistics and provides insight into what the numbers really mean.
BREVARD COUNTY, FLORIDA — Florida’s housing market reported more new listings, increased median prices and an uptick in inventory in May according to data released today by Florida Realtors.
Closed sales of single-family homes statewide totaled 23,013 last month, representing a 3.6 percent over the May 2013 figure.
“I don’t see Brevard’s real estate market slowing down anytime soon” says Realtor Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“Buyers are getting off the fence, sellers are happy with the increase in their value and investors continue to buy here” says McCoy.
New listings for single-family existing homes in May rose 13.1 percent year-over-year, while new listings for townhouse-condos rose 3.9 percent over the previous year.
The statewide median sales price for single-family existing homes last month was $180,000, up 4.3 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations.
The statewide median price for townhouse-condo properties in May was $145,000, up 13.7 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Florida’s townhome-condo market, statewide closed sales totaled 10,558 last month, down 7.0 percent compared to May 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhome properties declined 61.2 percent while short sales for single-family homes dropped 54.3 percent..
Florida Realtors Chief Economist Dr. John Tuccillo said, “Ordinarily, a market that is flattening out after a rise can be of concern. But this market has been in recovery mode and is now catching its breath after a long run-up.”
“We are still seeing improvement in sales and prices, and are continuing to see drops in days on the market, cash sales and short sales. All of these are signs of a market that has stabilized.”
“Going forward, we’re concerned about affordability. In particular, the difficulty of first-time buyers to access mortgage financing and the lag in providing a much-needed supply of new homes may hold back Florida’s housing market.”
Inventory was at a 5.7-months’ supply last month for single-family homes and at a 6-months’ supply for townhouse-condo properties – the same level as the previous two months, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.19 percent in May 2014, up from the 3.54 percent average recorded during the same month a year earlier.
Please check back soon for a detailed report for Brevard County.
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.