Brevard County Market Report
By Bobby Freeman, Realtor // March 26, 2015
SINGLE FAMILY HOME SALES UP 19 PERCENT
ABOVE VIDEO: Florida’s housing market reported more closed sales, higher median prices, increased pending sales and more new listings in February, according to the latest housing data released by Florida Realtors.
BREVARD COUNTY, FLORIDA — Florida’s housing market reported more closed sales, higher median prices, increased pending sales and more new listings in February, according to the latest housing data released by Florida Realtors.
Statewide February marked the 39th consecutive month that median sales prices for both single-family homes and townhouse-condo properties rose year-over-year.
“Everything is moving in the right direction” says Realtor Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“Low inventory and high buyer demand is driving prices up” says McCoy.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 8,260 last month, up 7.4 percent compared to February 2014.
The closed sales data reflected fewer short sales in February: Short sales for townhouse-condo properties declined 47.5 percent while short sales for single-family homes dropped 30.5 percent.
“The Florida housing market continues to progress,” says Florida Realtors Chief Economist Dr. John Tuccillo.
“As we have seen for nearly a year, all the metrics are moving in the right direction. It is difficult to pinpoint any one reason for this – and the reasons differ for different parts of the state. However, in an environment of low interest rates, the robust growth of employment in both the U.S. as a whole and specifically in Florida has made homeownership more accessible to Florida’s households.
“Even though it appears the Federal Reserve will raise interest rates around midyear,” Tuccillo continues, “the growth in Florida’s real estate market will most likely continue at the current or a slightly slower pace.”
Inventory was at a 5.3-months’ supply in February for single-family homes and at a 6.2-months’ supply for townhouse-condo properties, according to Florida Realtors.
A quick recap of the Brevard County Residential Report for February 2015 compared to February 2014:
•Closed Sales are up 16.1% for February 2015 in which the number of units closed were 721 compared to 621 in February 2014, with an increase in cash sales by3.3% compared to February 2014.
•New Pending Sales are up 7.3% and New Listings are down -3.2%.
•Median Sales Price for Brevard County Single Family Homes are up 12.1% to $140,000 compared to a year ago, which was $124,900.
•Median Days on the Market are down -27.4%, which is 45 days compared to 62 in February 2014.
•Months Supply of Inventory is down -28.3% to 3.1 months compared to 4.4 months in February 2014.
•Traditional Sales are up 33.2%, with a median sales price of $158,750.
•Foreclosure/REO Sales are down -19.2%, with a median sales price of $94,231.
•Short Sale Closings are down -7.7%, with a median sale price of $105,000.
A quick recap of the Brevard County Townhouses/Condos Report for February 2015 compared to February 2014:
• Closed Sales are up 8.6% for February 2015 in which the number of units closed were 190 compared to 175 in February 2014, with an increase in cash sales of 6.6% compared to February 2014.
•New Pending Sales are up 2.9% and New Listings are up 1.2%.
• The Median Sales Price for Townhouses/Condos is up 14.8% to $133,750 compared to a year ago, which was $116,500.
• Median Days on the Market are down -18.9%, which is 43 days compared to February 2014, which was 53 days.
• Months Supply of Inventory is down -29.5%, which is 4.3 months compared to February 2014, which was 6.1 months.
• Traditional Sales are up 24.4%, with a median sales price of $141,250.
Foreclosure/REO Sales are down -28.2%, with a median sales price of $91,200.
• Short Sale Closings are down -55.6%, with a median sale price of $131,100.
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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.