Median Sales Price for Brevard Single Family Home Up 11.7% Compared To a Year Ago
By Space Coast Daily // November 3, 2017
Brevard County September 2017 Real Estate Report
ABOVE VIDEO: The September 2017 RE/MAX National Housing Report. The Space Coast’s housing market continued its positive track in August, with more closed sales, increased pending sales, more new listings and rising median prices, according to the latest housing data released by Florida Realtors.
BREVARD COUNTY, FLORIDA – Florida’s housing market in third quarter 2017 showed the impact of Hurricane Irma, which made landfall in the Keys on Sept. 10.
The latest housing data released by Florida Realtors® reported higher median prices year-over-year, but fewer closed sales, pending sales and new listings due to the disruption in September’s market caused by the hurricane.
Closed sales of single-family homes statewide totaled 67,811 in 3Q 2017, down 5.5 percent over the 3Q 2016 figure.
“Irma clearly left its mark on the third quarter numbers by temporarily halting business activity for a number of days in September,” said Florida Realtors Chief Economist Dr. Brad O’Connor.
“July and August, on the other hand, were fairly typical months relative to what we’ve been seeing over the past couple of years: modest growth in sales, strong growth in prices and a declining inventory of homes on the lower end of the price spectrum. We’ll see a return to this pattern over the next couple of months.”
Brevard County Residential Report for Q3 2017:
• Closed Sales decreased -3.4% for Q3 2017 in which the number of units closed was 2,528 compared to 2,617 in Q3 2016, with a decrease in cash sales of -11.7% compared to Q3 2016.
• New Pending Sales are down -9.6% and New Listings are up 1.3%.
• The Median Sales Price for Brevard Single Family homes is up 11.7% to $220,000 compared to a year ago, which was $196,950.
• Months Supply of Inventory is up 12% to 2.8 months compared to 2.5 months in Q3 2016.
• Traditional Sales are down -0.6%, with a median sales price of $221,620.
• Foreclosure/REO Sales are down -41.8%, with a median sales price of $135,000.
• Short Sale Closings decreased -41.9% and had a median sales price of $180,000.
Brevard County Townhouses/Condos for Q3 2017:
• Closed Sales are down -6.1% for Q3 2017 in which the number of units closed was 626 compared to 667 in Q3 2016, with a decrease in cash sales of -21.3% compared to Q3 2016.
• New Pending Sales are down -12.9% and New Listings are up 0.8%.
• Median Sales Price for Townhomes/Condos is up 8.8% to $160,000 compared to a year ago, which was $147,000.
• Months Supply of Inventory did not change. It was 3.4 months in Q3 2016 and Q3 2017.
• Traditional Sales decreased -3.8%, with a median sales price of $162,000.
• Foreclosure/REO Sales decreased -37.5% and had a median sales price of $115,000.
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
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