VIDEO: Median Sales Price for Brevard Single Family Homes Up 14.1% to $211,000 Year Over Year
By Bobby Freeman, Realtor // August 13, 2017
mortgage interest rate averaged 3.99 percent
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BREVARD COUNTY, FLORIDA – The median sales price for Brevard single family homes is up 14.1% to $211,000 compared to a year ago, according to the latest housing data released by Florida Realtors.
Florida’s housing market continued its positive momentum in the second quarter of 2017 with more closed sales, higher median prices and more pending sales.
Closed sales of single-family homes statewide totaled 79,888 in 2Q 2017, up 3.7 percent over the 2Q 2016 figure.
“There’s no slowing down here on Florida’s Space Coast,” said Jennifer McCoy, Broker-Associate for RE/MAX Elite’s McCoy-Freeman Group. “Homes are selling fast so buyers need to act quick when a property in their criteria hits the market.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent for 2Q 2017, significantly higher than the 3.59 percent average recorded during the same quarter a year earlier.
A quick recap of the Brevard County Residential Report for Q2 2017:
• Closed Sales are down -1.6% for Q2 2017 in which the number of units closed was 2,825 compared to 2,872 in Q2 2016, with a decrease in cash sales of -20.6% compared to Q2 2016.
• New Pending Sales are up 8.7% and New Listings are up 5%.
• The Median Sales Price for Brevard Single Family homes is up 14.1% to $211,000 compared to a year ago, which was $185,000.
• Months Supply of Inventory stayed the same at 2.7 months.
• Traditional Sales are up 2.4%, with a median sales price of $215,000
• Foreclosure/REO Sales are down -46.9%, with a median sales price of $123,000.
• Short Sale Closings are down -26.3%, with a median sales price of $132,500.
A quick recap of the Brevard County Townhouses/Condos for Q2 2017:
• Closed Sales are down -3.1% for Q2 2017 in which the number of units closed was 762 compared to 786 in Q2 2016, with a decrease in cash sales of -6.9% compared to Q2 2016.
• New Pending Sales are up 9.4% and New Listings are up 2.5%.
• Median Sales Price for Townhomes/Condos is up 9.6% to $160,000 compared to a year ago, which was $146,000.
• Months Supply of Inventory is down -10.5% to 3.4 months compared to 3.8 months in Q2 2016.
• Traditional Sales are up 0.1%, with a median sales price of $160,000.
• Foreclosure/REO Sales are down -51.4% with a median sales price of $127,000.
• Short Sale Closings are down -85.7%, with a median sales price of 39,000 for Q2 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