VIDEO: Brevard Real Estate Market Report For January
By Bobby Freeman, Realtor // March 1, 2015
single family home sales up 7.4 percent
ABOVE VIDEO: Florida’s housing market had higher median prices, more new listings and a continued stabilization of inventory in January, according to the latest housing data released by Florida Realtors.
BREVARD COUNTY, FLORIDA – Florida’s housing market had higher median prices, more new listings and a continued stabilization of inventory in January, according to the latest housing data released by Florida Realtors.
The statewide median sales price for single-family existing homes last month was $175,000, up 7.4 percent from the previous year. The statewide median price for townhouse-condo properties in January was $137,000, up 5.4 percent over the year-ago figure.
“Overall we are seeing more buyers with all cash money entering the market” says Realtor Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“Also, inventory has been low especially for distressed properties here on the Space Coast” says McCoy.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 7,294 last month, down slightly (-1.7 percent) compared to January 2014.
That closed sales data reflected fewer short sales in January:
Short sales for condo-townhouse properties declined 57.9 percent while short sales for single-family homes dropped 39.4 percent.
“The major features of the market – prices and inventory – have settled into a path that will be characteristic of the whole year,” says Florida Realtors Chief Economist Dr. John Tuccillo.
“But there are some interesting wrinkles in the detailed numbers,” Tuccillo adds.
“First, inventories for both single-family homes and townhouses and condos are shrinking, a sign of a continuing need for supply in the less than $250,000 area of the market. Right now, new construction remains the best option for households of moderate income. Adding to this is the continuing rapid decline in short sales, an ongoing trend that is likely to continue.
“Secondly, the percentage of condo sales accounted for by cash dropped dramatically in January. This shows the impact of a strengthening dollar on foreign demand, as well as the continuing decline in market participation by volume investors.”
Brevard County Residential Report For Jan. 2015 Compared To Jan. 2014:
• Closed Sales are up 8.1% for January 2015 in which the number of units closed were 611 compared to 565 in January 2014, with a decrease in cash sales by -10.2% compared to January 2014.
• New Pending Sales are up 8.2% and New Listings are up 16.0%.
• Median Sales Price for Brevard County Single Family Homes are up 13.0% to $140,000 compared to a year ago, which was $123,900.
• Median Days on the Market are down -10.9%, which is 41 days compared to 46 in January 2014.
• Months Supply of Inventory is down -18.5% to 3.4 months compared to 4.2 months in January 2014.
• Traditional Sales are up 20.3%, with a median sales price of $166,454.
• Foreclosure/REO Sales are down -7.8%, with a median sales price of $86,000
• Short Sale Closings are down -35.9%, with a median sale price of $104,000.
Brevard County Townhouses/Condos Report For Jan. 2015 Compared To Jan. 2014:
• Closed Sales are down -4.6% for January 2015 in which the number of units closed were 166 compared to 174 in January 2014, with a decrease in cash sales of 8.2% compared to January 2014.
• New Pending Sales are up 31.3% and New Listings are up 2.5%.
• The Median Sales Price for Townhouses/Condos is up 17.5% to $116,000 compared to a year ago, which was $98,750.
• Median Days on the Market are down -9.1%, which is 40 days compared to January 2014, which was 44 days.
• Months Supply of Inventory is down -26.3%, which is 4.6 months compared to January 2014, which was 6.2 months.
• Traditional Sales are up 6.3%, with a median sales price of $128,000.
• Foreclosure/REO Sales are down -37.5%, with a median sales price of $60,101.
• Short Sale Closings are down -12.5%, with a median sale price of $85,000
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.