Housing Data Shows Brevard Real Estate Market Strong
By Bobby Freeman, Realtor // January 24, 2015
Closed Sales are up 57.2 percent
ABOVE VIDEO: RE/MAX researches 53 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 – Last year was a great for the Florida housing market, and according to the latest housing data released by Florida Realtors, 2014 ended with more closed sales, more new listings and higher median prices compared to the year before.
Statewide closed sales of existing single-family homes totaled 22,414 in December, up 15.8 percent compared to the year-ago figure.
In fact December marked the 37th month in a row that statewide median sales prices for both single-family homes and town home-condo properties rose year-over-year.
“The December numbers are strongly positive for both the single-family and condo markets,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“We are seeing the steady and sustainable growth that has characterized the market the entire year continuing as the year ends. Of particular note is the inventory levels in the balanced market range: We’re keeping a close eye on the lack of inventory in the lower price ranges, but by and large, the market is in very good shape.”
BREVARD REAL ESTATE MOVING IN RIGHT DIRECTION
“Closed sales and median sales prices are up but available inventory continues to go down” says Realtor Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“Buyers need to act quick and aggressive when going after a new listing that is priced to sell in today’s market. Our listings are selling for top dollar and multiple offers are driving prices up” says McCoy.
Brevard Residential Report for December 2014 compared to December 2013:
• Closed Sales are up 12.0% for December 2014 in which the number of units closed were 811 compared to 724 in December 2013, with an increase in cash sales by 2.6% compared to December 2013.
•New Pending Sales are up 4.1% and New Listings are down -1.3%.
•Median Sales Price for Brevard County Single Family Homes are up 8.1% to $139,900 compared to a year ago, which was $129,450.
• Median Days on the Market are down -12.5%, which is 35 days compared to 40 in December 2013.
• Months Supply of Inventory is down -25.4% to 3.3 months compared to 4.4 months in December 2013.
• Traditional Sales are up 25.9%, with a median sales price of $157,200.
• Foreclosure/REO Sales are up 6.5%, with a median sales price of $104,001.
• Short Sale Closings are down -63.0%, with a median sale price of $125,000.
Brevard Townhouses/Condos Report for December 2014 compared to December 2013
• Closed Sales are up 57.2% for December 2014, with a increase in cash sales of 41.3% compared to December 2013.
New Pending Sales are down -5.1% and New Listings are down -3.7%.
• The Median Sales Price for Townhouses/Condos are the same at $120,000.
• Median Days on the Market are down -21.2%, which is 41 days compared to December 2013, which was 52 days.
• Months Supply of Inventory is down -27.4%, which is 4.2 months compared to December 2013, which was 5.8 months.
• Traditional Sales are up 68.6%, with a median sales price of $129,838.
• Foreclosure/REO Sales are up 48.0%, with a median sales price of $84,325.
• Short Sale Closings are down -27.3%, with a median sale price of $102,000.
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.