Housing Market Reported Higher Median Prices, Fewer Days On Market

By  //  November 26, 2015

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Florida's housing market reported higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors®.

Florida’s housing market reported higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors.

BREVARD COUNTY, FLORIDA – Florida’s housing market reported higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors.

A recap of the Brevard County Townhouses/Condos stats for October 2015 compared to October 2014:

• Closed Sales are up 0.9% for October 2015 in which the number of units closed were 213 compared to 211 in October 2014, with a decrease in cash sales by -10.0% compared to October 2014.

• New Pending Sales are up 60.1% and New Listings are down -1.6%

•Median Sales Price for Townhomes/Condos is up 6.2% to $138,000 compared to a year ago, which was $130,000.

• Months Supply of Inventory is down -11.3% to 3.3 months compared to 3.8 months in October 2014

• Traditional Sales are up 10.8%, with a median sales price of $144,000.

• Foreclosure/REO Sales are down -26.3%, with a median sales price of $100,000.

• Short Sale Closing are down -85.7%, with a median sales price of $52,000.

oct 2015 single family homes-580

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

• Closed Sales are down -10.3% for October 2015 in which the number of units closed were 763 compared to 851 in October 2014, with a decrease in cash sales by -29.6% compared to October 2014.

• New Pending Sales are up 44.7% and New Listings are up 3.8%

• The Median Sales Price for Brevard Single Family homes is up 15.4% to $165,000 compared to a year ago, which was $143,000.

• Months Supply of Inventory is down -3.7% to 2.9 months compared to 3.0 months in October 2014

• Traditional Sales are up 5.7%, with a median sales price of $175,000.

• Foreclosure/REO Sales are down -53.5%, with a median sales price of $125,000.

• Short Sale Closing are down -45.9%, with a median sales price of $113,625.

oct 2015 town homes and condos-580

STATEWIDE CLOSED SALES

Statewide closed sales of existing single-family homes rose last month with a total of 22,147, an increase of 1.2 percent over October 2014.

Statewide, October marked the 47th consecutive month in a row that the median sales increased year-over-year for both single-family homes and townhouse-condo properties.

The statewide median sales price for single-family existing homes last month was $198,995, up 12.4 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 August was $150,000, up 7.2 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s townhouse-condo market, statewide closed sales last month totaled 9,294, down 0.9 percent compared to October 2014.

The closed sales data reflected fewer short sales in October: Short sales for townhouse-condo properties declined 47.7 percent while short sales for single-family homes dropped 33.1 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.

Dr. John Tuccillo

Dr. John Tuccillo

“The Florida real estate market is catching its breath after a frantic summer and early fall,” said Florida Realtors Chief Economist Dr. John Tuccillo.

“One month’s numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market.”

Inventory remains constrained, with a 4.4-months’ supply in October for single-family homes and a 5.3-months’ supply for townhouse-condo properties, according to Florida Realtors.

MARKET WATCH: Check Out Recent Real Estate Sales In North Brevard CountyRelated Story:
MARKET WATCH: Check Out Recent Real Estate Sales In North Brevard County

Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.


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