BREVARD REAL ESTATE REPORT: Median Sales Price Up 15.3% For Single-Family Homes

CONDO MEDIAN SALE PRICE UP 12.7%

ABOVE VIDEO: The median sales price is up 15.3% for single-family homes in November.

BREVARD COUNTY, FLORIDA – The median sales price is up 15.3% for single-family homes in November. Sales of single-family homes statewide totaled 19,990 last month, up 1.3 percent compared to November 2016.

Florida’s housing market continued its positive track in November, with more closed sales, more new listings, more pending sales and rising median prices according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 19,990 last month, up 1.3 percent compared to November 2016.

“How did Florida’s home resale market fare in November? Florida Realtors’ November statistics paint a picture of a market that looks a lot more like what we were seeing throughout 2016 and in 2017 prior to the hurricane, at least at the statewide level,” said Florida Realtors Chief Economist Dr. Brad O’Connor.

“Through November, total statewide dollar volume across all residential property types is sitting at about 105 billion dollars, compared to about 96 billion dollars at this time last year.

“How did we do it? Certainly not due to sales growth – thanks to Hurricane Irma, only one-and-a-half percent more homes have sold so far in 2017 compared to this point last year. The obvious driving force here is the continuing upward march of home prices.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.92 percent in November 2017, up from the 3.77 percent averaged during the same month a year earlier.

Brevard County Residential Report for November 2017

• Closed Sales are up 5.2% for November 2017 in which the number of units closed was 752 compared to 715 in November 2016, with a decrease in cash sales of -1.6% compared to November 2016.
• New Pending Sales are up 14.2% and New Listings are up 1.6%.
• The Median Sales Price for Brevard Single Family homes is up 15.3% to $218,000 compared to a year ago, which was $189,000.
• Months Supply of Inventory is up 12% to 2.8 months, an increase from 2.5 months in 2016.
Traditional Sales are up 9.1%, with a median sales price of $220,000.
• Foreclosure/REO Sales are down -38.8%, with a median sales price of $141,250.
• Short Sale Closings are down -50%, with a median sales price of $161,863.

Recap of the Brevard County Townhouses/Condos for November 2017

• Closed Sales are down -3.9% for November 2017 in which the number of units closed was 195 compared to 203 in November 2016, with a decrease in cash sales of -8.4% compared to November 2016.
• New Pending Sales are up 2.3% and New Listings are down -4.5%.
• Median Sales Price for Townhomes/Condos is up 12.7% to $160,000 compared to a year ago, which was $142,000.
• Months Supply of Inventory is down -5.6% to 3.4 months in November 2017 from 3.6 in November 2016.
• Traditional Sales are down -5.2%, with a median sales price of $166,000.
• Foreclosure/REO Sales increased 12.5% with a median sales price of $97,000.
• Short Sale Closings are up 100%, and had a median sales price of $136,500 in November 2017.

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