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 – For 34 consecutive months the median sales prices in September rose year-over-year for both single-family homes and townhouse-condo properties in Florida.
Closed Sales are up 25.7% for September 2014 in which the number of units closed were 787 compared to 626 in September 2013, with an increase in cash sales by 20.3% compared to September 2013. (Image for SpaceCoastDaily.com)
The statewide median sales price for single-family existing homes last month also rose to $180,000, a 5.9 percent increase year-to-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 September was $142,700, up 9.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
In Florida’s townhouse-condo market, statewide closed sales totaled 8,622 last month, up 2 percent compared to September 2013.
Dr. John Tuccillo
“The stability that has characterized the housing market in Florida continued in September, but at a higher level of activity,” says Florida Realtors Chief Economist Dr. John Tuccillo.
“Both single-family and townhouse and condo sales were up, but so were new listings and pending sales. Despite this, inventory, as measured in months, remained about the same in a range that indicates a balanced market. So, more houses are coming on the market and more people are buying.”
“We are seeing continued pressure on the lower end of the market where listings have not increased, and there is more activity at the luxury end of the price spectrum,” Tuccillo adds.
“The good news is that investors appear far less interested in the lower end of the market, opening up opportunities for potential owner-occupants. Investors and foreign buyers, however, are still very active in the market for townhouses and condos.”
A quick recap of the Brevard County Residential Report for September 2014 compared to September 2013:
• Closed Sales are up 25.7% for September 2014 in which the number of units closed were 787 compared to 626 in September 2013, with an increase in cash sales by 20.3% compared to September 2013. • New Pending Sales are up 19.4% and New Listings are down -2.3%.
• Median Sales Price for Brevard County Single Family Homes are up 8.3% to $129,900 compared to a year ago, which was $119,900.
• Median Days on the Market are up 30.0%, which is 39 days compared to 30 in September 2013.
• Months Supply of Inventory is down -17.6% to 3.6 months compared to 4.3 months in September 2013.
• Traditional Sales are up 40.4%, with a median sales price of $159,450.
• Foreclosure/REO Sales are up 20.4%, with a median sales price of $80,250.
• Short Sale Closings are down -43.9%, with a median sale price of $73,950.
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.
• New Pending Sales are up 19.4% and New Listings are down -2.3%.
