REAL ESTATE REPORT: Brevard Now Seller’s Market
By Bobby Freeman, Realtor // September 28, 2014
ABOUT HALF OF ALL SALES ARE CASH IN BREVARD
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. In Brevard County, our inventory is down, closed sales and the median sales prices are up.
BREVARD COUNTY, FLORIDA – “The Space Shuttle program has retired, everyone is leaving Brevard County and real estate prices are dropping fast,” – I can’t tell everyone how much I heard that a few years ago from misinformed prospective property buyers looking for a Big Bargain in Brevard.
Yes, in July of 2011 the Space Shuttle program did retire, but prices were not dropping fast in most parts of Brevard. Although a local newspaper kept reporting “Doom & Gloom,” I saw opportunity – especially in the right locations.
Sales prices were about 50 percent discount from the peak of the market, and it was hard to believe they would go any lower even with the Shuttle retiring. However, many buyers sat on the fence waiting for that Big Bargain to happen as sales prices kept inching up.
STATEWIDE MEDIAN SALES ROSE
In fact, for the last 33 months in a row, the statewide median sales prices rose year-over-year for both single-family homes and townhouse-condo properties in August.
The statewide median sales price for single-family existing homes last month was $180,000, up 2.9 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 August was $136,000, up 4.6 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
In Brevard County our inventory is down, closed sales and the median sales prices are up as well. It’s now a seller’s market. Demand is up and I am seeing a lot of cash money flowing in everyday. About half of Brevard County real estate sales are all cash.
Brevard County Residential Report for August 2014 compared to August 2013:
• Closed Sales are up 12.8% for August 2014 in which the number of units closed were 874 compared to 775 in August 2013, with an decrease in cash sales by -0.9% compared to August 2013.
• New Pending Sales are up 6.5% and New Listings are down 2.0%.
• Median Sales Price for Brevard County Single Family Homes are up 19.2% to $155,000 compared to a year ago, which was $130,000.
• Median Days on the Market are up 5.4%, which is 39 days compared to 37 in August 2013.
• Months Supply of Inventory is down -7.7% to 3.8 months compared to 4.1 months in August 2013.
• Traditional Sales are up 28.9%, with a median sales price of $172,500.
• Foreclosure/REO Sales are up 1.9%, with a median sales price of $90,000.
• Short Sale Closings are down -57.0%, with a median sale price of $145,000.
Brevard County Townhouses/Condos Report for August 2014 compared to August 2013:
• Closed Sales are down -2.9% for August 2014, with a decrease in cash sales of -4.5% compared to August 2013.
New Pending Sales are down -2.6% and New Listings are up 2.4%.
• The Median Sales Price for Townhouses/Condos are up 15.7% to $125,000.
Median Days on the Market are down -26.3%, which is 42 days compared to August 2013, which was 57 days.
• Months Supply of Inventory is down -14.8%, which is 4.8 months compared to August 2013, which was 5.7 months.
• Traditional Sales are up 12.6%, with a median sales price of $128,450.
Foreclosure/REO Sales are down -33.3%, with a median sales price of $52,250.
• Short Sale Closings are down -60.0%, with a median sale price of $116,500.
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.