MARKET WATCH: January 2017 Brevard County Real Estate Market Report
By Bobby Freeman, Realtor // February 23, 2017
home sales best in a decade
ABOVE VIDEO: Realtor Bobby Freeman tours a very moldy foreclosed home for sale in Rockledge, Florida. In Brevard, distressed sales are down over 64 percent compared to this time last year. Currently there are 102 distressed properties for sale in Brevard per BrevardMLS.
BREVARD COUNTY, FLORIDA – National Association of Realtors (NAR) Chief Economist Lawrence Yun noted that the pace of U.S. home sales in 2016 at 5.5 million was “the best in a decade.”
Since it’s nowhere near the 7.2 million sales peak in 2006, however, it leaves room for continued growth in 2017. And while interest rates are trending higher, it hasn’t had a dampening effect on home sales.
In Brevard County, the average median sales price is up over 18 percent in 2017 for single-family homes compared to the same time last year.
“Inventory is down and demand continues to increase making prices go up,” said Jennifer McCoy, Broker-Associate for McCoy-Freeman Group with RE/MAX Elite.
“Buyers need to be ready to make an offer sooner than later when a property in their specific criteria hits the market,” says McCoy.
Distressed property sales continues to drop every month in Brevard. Short sales and foreclosures were down over 64 percent for single-family, town homes and condos compared to this time last year.
A quick recap of the Brevard County Residential Report for January 2017 compared to January 2016:
• Closed Sales are up 2.7% for January 2017 in which the number of units closed was 600 compared to 584 in January 2016, with a decrease in cash sales of -17.9% compared to January 2016.
• New Pending Sales are up 5.6% and New Listings are up 16%.
• The Median Sales Price for Brevard Single Family homes is up 18.2% to $195,000 compared to a year ago, which was $164,950.
• Month’s Supply of Inventory is down -10.3% at 2.6 months compared to 2.9 months in January 2016.
• Traditional Sales are up 12.4%, with a median sales price of $200,000.
• Foreclosure/REO Sales are down -43%, with a median sales price of $128,800.
• Short Sale Closings are down -73.3%, with a median sales price of $285,500.
A quick recap of the Brevard County Townhouses/Condos for January 2017 compared to January 2016:
• Closed Sales are up 24.8% for January 2017 in which the number of units closed was 186 compared to 149 in January 2016, with a increase in cash sales of 40.7% compared to January 2016.
• New Pending Sales are up 15.3% and New Listings are down -5.6%.
• Median Sales Price for Townhomes/Condos is up 4.8% to $143,000 compared to a year ago, which was $136,500.
• Months Supply of Inventory is down -5% to 3.8 months compared to 4 months in January 2016.
• Traditional Sales are up 31.6%, with a median sales price of $144,000.
• Foreclosure/REO Sales are down -41.7%, with a median sales price of $95,000.
• Short Sale Closings are down -100%. Year-over-year data is not available as there were no sales in January 2017. The January 2016 median short sale sales price was $62,000.