REAL ESTATE MARKET WATCH: It’s A Good Time To Be A Seller In Brevard
By Bobby Freeman, Florida Realtors // June 24, 2015
rising median prices, fewer days on market
ABOVE VIDEO: Realtors across the state reported rising median prices and fewer days on market for both existing single-family homes and for townhouse-condo properties.
BREVARD COUNTY, FLORIDA – Tightening inventory continued to impact Florida’s housing market in May, according to the latest housing data released by Florida Realtors.
Realtors across the state reported rising median prices and fewer days on market for both existing single-family homes and for townhouse-condo properties. Closed sales of existing single-family homes statewide totaled 24,789 last month, up 7.7 percent over May 2014.
“The market is moving quick” says Realtor Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group serving Brevard County.
Single-family existing homes in May spent a median of 49 days on the market, down 9.3 percent from a year ago; median days on market for townhouse-condo properties was 52, down 5.5 percent from May 2014.
“It’s a good time to be a seller in Brevard. Many buyers are wanting a piece of the Florida life before prices go up even more” says McCoy.
Sellers of single-family homes are seeing 94 percent of their asking price at the closing table and townhouse-condo sellers are receiving nearly 93 percent of their asking price.
In May, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 42nd month in a row.
The statewide median sales price for single-family existing homes last month was $200,000, up 11.1 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
The statewide median price for townhouse-condo properties in May was $159,000, up 9.7 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in April 2015 was $221,200, up 10 percent from the previous year the national median existing condo price was $206,100.
Looking at Florida’s townhouse-condo market, statewide closed sales remained essentially flat last month with a total of 10,549, down 0.1 percent compared to May 2014. The closed sales data reflected fewer short sales in May: Short sales for townhouse-condo properties declined 45.1 percent while short sales for single-family homes dropped 37.7 percent.
“Florida’s real estate market remains robust with strong sales continuing through the bulk of the spring,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“The biggest current concern is the decline in inventory. In the past, inventory declines were concentrated in the under $150,000 segment of the market. Now we are seeing declines in all segments priced below $250,000. If builders cannot bring new product to market in these price ranges, there is a real possibility of more rapidly rising prices.”
Inventory continues to tighten, with a 4.7-months’ supply in May for single-family homes and at a 5.8-months’ supply for townhouse-condo properties, according to Florida Realtors.
Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.
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.