Brevard County Residential Townhouses, Condo Report For Aug. 2015

By  //  September 24, 2015

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New Pending Sales up 5.9%, New Listings down 2.5%

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief. This provision applies to debt forgiven in calendar years 2007 through 2013. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

Closed Sales are up 0.3% for August 2015 in which the number of units closed were 877 compared to 874 in August 2014, with a decrease in cash sales by -9.3% compared to August 2014.

BREVARD COUNTY, FLORIDA – Closed Sales are up 0.3% for August 2015 in which the number of units closed were 877 compared to 874 in August 2014, with a decrease in cash sales by -9.3% compared to August 2014.

A quick recap of the Brevard County Residential Report for August 2015 compared to August 2014:

• New Pending Sales are up 5.9% and New Listings are down -2.5%.

• Median Sales Price for Brevard County Single Family Homes are up 10.3% to $171,000 compared to a year ago, which was $155,000.

• Median Days on the Market are down -30.8%, which is 27 days compared to 39 in August 2014.

• Months Supply of Inventory is down -26.2% to 2.8 months compared to 3.8 months in August 2014.

• Traditional Sales are up 15.0%, with a median sales price of $188,125.

• Foreclosure/REO Sales are down -34.4%, with a median sales price of $92,000.

• Short Sale Closings are down -50.0%, with a median sale price of $160,000.

A quick recap of the Brevard County Townhouses/Condos Report for August 2015 compared to August 2014:

• Closed Sales are up 14.7% for August 2015 in which the number of units closed were 234 compared to 204 in August 2014, with an increase in cash sales of 12.5% compared to August 2014.

• New Pending Sales are up 12.0% and New Listings are down -10.9%.

• The Median Sales Price for Townhouses/Condos is up 5.2% to $131,500 compared to a year ago, which was $125,000.

• Median Days on the Market are down -2.4%, which is 41 days compared to August 2014, which was 42 days.

Florida’s Housing Market Shows Strong Momentum In August 2015Related Story:
Florida’s Housing Market Shows Strong Momentum In August 2015

• Months Supply of Inventory is down -33.0%, which is 3.2 months compared to August 2014, which was 4.8 months.

• Traditional Sales are up 15.3%, with a median sales price of $138,700.

• Foreclosure/REO Sales are up 23.1%, with a median sales price of $66,500.

• Short Sale Closings are down -25.0%, with a median sale price of $108,800.

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.

For more information log on to BrevardRealtyConnection.com

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