Median Price For Brevard Single Family Home Up 24.2% To $205,000 Compared To Year Ago
By Bobby Freeman, National Association of Realtors // March 28, 2017
New Listings are down 10.5 PERCENT
ABOVE VIDEO: In Brevard County, residential property closed sales are down -5.1% for February 2017 in which the number of units closed was 649 compared to 684 in February 2016, with a decrease in cash sales of -16% compared to February 2016.
BREVARD COUNTY, FLORIDA – After starting the year at the fastest pace in almost a decade, existing-home sales slid in February but remained above year ago levels both nationally and in all major regions, according to the National Association of Realtors.
First-time buyers were 32 percent of sales in February, which is down from 33 percent in January but up from 30 percent a year ago.
NAR’s 2016 Profile of Home Buyers and Sellers — released in late 2016 4 — revealed that the annual share of first-time buyers was 35 percent.
“The affordability constraints holding back renters from buying is a signal to many investors that rental demand will remain solid for the foreseeable future,” said Yun.
“Investors are still making up an above average share of the market right now despite steadily rising home prices and few distressed properties on the market, and their financial wherewithal to pay in cash gives them a leg-up on the competition against first-time buyers.”
Recap of the Brevard County Residential Report for February 2017 compared to February 2016:
• Closed Sales are down 5.1% for February 2017 in which the number of units closed was 649 compared to 684 in February 2016, with a decrease in cash sales of -16% compared to February 2016.
• New Pending Sales are down 9.3% and New Listings are down 10.5%.
• The Median Sales Price for Brevard Single Family homes is up 24.2% to $205,000 compared to a year ago, which was $165,000.
• Months Supply of Inventory is down 16.7% at 2.5 months compared to 3 months in February 2016.
• Traditional Sales are up 3.7%, with a median sales price of $210,000.
• Foreclosure/REO Sales are down 65.2%, with a median sales price of $154,900.
• Short Sale Closings are up 12.5%, with a median sales price of $118,000.
Recap of the Brevard County Townhouses/Condos for February 2017 compared to February 2016:
• Closed Sales are up 2.8% for February 2017 in which the number of units closed was 185 compared to 180 in February 2016, with a decrease in cash sales of 2.7% compared to February 2016.
• New Pending Sales are down 10.6% and New Listings are up 4.4%.
• Median Sales Price for Townhomes/Condos is down 2.3% to $139,900 compared to a year ago, which was $143,232.
• Months Supply of Inventory is down 4.9% to 3.9 months compared to 4.1 months in February 2016.
• Traditional Sales are up 9.3%, with a median sales price of $143,000.
• Foreclosure/REO Sales are down 55.6%, with a median sales price of $117,237.
• Short Sale Closings saw no change in number of closed sales, and had a median sales price of $87,000 in February of 2017.
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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