VIDEO: Median Sales Price For Single-Family Homes Up 17.9 Percent In Brevard
By Bobby Freeman, Florida Realtors // March 23, 2016
FEBRUARY REAL ESTATE REPORT
ABOVE VIDEO: Florida’s housing market reported increased new listings, rising median prices and fewer all-cash closed sales in February, according to the latest housing data released by Florida Realtors.
BREVARD COUNTY, FLORIDA – Florida’s housing market reported increased new listings, rising median prices and fewer all-cash closed sales in February, according to the latest housing data released by Florida Realtors.
Closed sales of single-family homes statewide totaled 18,159 last month, remaining relatively the same (up 0.4 percent) as the February 2015 figure.
February marked 51 consecutive months that statewide median sales prices for both single-family homes and for townhouse-condo properties rose year-over-year.
In Brevard County the median sales price for single-family homes was up 17.9 percent to $165,000 compared to February 2015.
“At the peak of the distressed real estate market, we were closing about 100 short sales a month” says Shawn Fortenberry, co-owner of Prestige Title in Melbourne.
“Now the market is starting to staiblize and prices are going back up allowing homeowners to have more equity”.
The distressed real estate market continues to decline. Foreclosure sales were down over 37 percent and short sales were down over 66 percent compared to this time last year. A total of 8 short sales closed and 89 foreclosures sold in February in Brevard.
“I believe about half of the 97 distressed properties sold in February will become traditional sales. Cash investors that are mostly buying these distressed homes will completely rehab and put them back on the market for a profit” says Jennifer McCoy, Broker Associate for RE/MAX Elite’s McCoy-Freeman Group.
“This is good news for home buyers that might not be able to afford major home improvements after closing such as a new roof, plumbing, electrical after closing” says McCoy.
Also, good news for home buyers, new listings for single-family homes is up 15.1 percent to 1,060 compared to 921 last year. However, Pending Inventory is also up over 11 percent so buyers better be ready to act quick.
Inventory was at a 4.5-months’ supply in February for single-family homes and at a 6.3-months’ supply for townhouse-condo properties, according to Florida Realtors.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.66 percent in February 2016, down from the 3.71 percent average recorded during the same month a year earlier.
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 including 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 $300 million.
Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, Certified Luxury Home Marketing Specialist (CLHMS), 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 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.com