Space Coast Real Estate Conditions Improve
By Bobby Freeman, Florida Realtors® // June 23, 2012
BREVARD COUNTY, FLORIDA – When it comes to analyzing and reporting on the local real estate marketplace, it’s vitally important to have extensive, expert first-hand knowledge of Brevard County’s unique dynamics.
In my regular column for SpaceCoastDaily.com, I will bring to you more than 30 years of cumulative experience and perspective of my group. So far in 2012, myself and my partner, Jennifer McCoy, Realtors with RE/MAX Elite, have closed over $12 million in sales.
RE/MAX Elite is currently the number one company in Brevard County for sales volume for the first quarter of 2012 ($42,511,021), and our closed sales are up 50.70 percent from last year. RE/MAX has accounted for over 25 percent of all closed sales per the MLS for the last two years.
While it’s great the local media recently featured a positive headline and story about the Brevard County real estate marketplace, it’s very important to get the facts correct.
The actual number of homes for sale in Brevard is 2,264, and the total number of properties currently for sale (single-family homes, condos & town homes) is 3,099.The total number of homes sold last month was actually 668.
Pending and contingent sales, in which a sales contract has been signed by seller and buyer but may be awaiting inspections, lender approval or clear title work to close, are 2,313 (residential), 352 (condos) and 173 (town homes) for a total of 2,837, according to Multiple Listing Service (MLS). For May 2012, there are 654, not 883. Condo and town home sales in Brevard for May 2012 are 198.
According to a report from the Space Coast Association of Realtors [CLICK HERE FOR REPORT] the average Days On Market for (DOM) Residential for May 2012 is 89 (not 42 as reported), compared to 119 for May 2011. The average DOM for condos is 120 for May 2012, compared to May 2011 at 163.
Florida Realtors Industry Data
There is no question that, overall, the real estate market is improving in Brevard County – and across Florida.
The statewide median sales price for single-family existing homes in May was $147,000, up 8.9 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.
The statewide median for town home-condo properties was $112,000, up 14.3 percent over May 2011.
“Some very positive trends have been developing in the Florida market, and the May numbers indicate those trends are continuing,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“Closed sales, pending sales and prices – both average and median – are strongly above where they were a year ago. In fact, average prices have increased in 11 of the past 12 months.”
In Brevard County, the average sale price is $146,066 compared to $122,617 this time last year.
It’s very important as a licensed Realtor to not mislead the public. I will do my absolute best to report accurate real estate conditions on my website BrevardRealtyConnection.
Accurate reporting from experienced Realtors is what our readers expect – and will continue to receive.
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 and has recently been presented with 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 $150 million. Among McCoy-Freeman Group’s achievement are RE/MAX Hall of Fame, RE/MAX 100% Club, 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 ABC News, Coastal Condo Living, & Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.