Average Brevard Residential Sale Up 16.9 Percent
By Bobby Freeman, Florida Realtors® // July 17, 2012
BREVARD COUNTY, FLORIDA – The Home Price Index (HPI) increase from this year’s low has been the most significant jump up in many years, according to a report released by Lender Processing Services, Inc’s (LPS) Applied Analytics division.
Even though the HPI showed home price values fell 0.1 percent from April 2011 – April 2012, the price index rose from January ($195,000) to April ($200,000) to a fast pace last seen 7 years ago.
“Home prices have risen 2.5 percent so far this year, indicating an exceptionally strong spring,” said Raj Dosaj, VP of LPSApplied Analytics.
“While prices typically see a boost in the spring, the magnitude and speed of this increase and its consistency across the nation have not been seen since October 2005.”
Not A Buyer’s Market Anymore
According to the Melbourne and Space Coast Association of Realtors (CLICK HERE to view report), the average residential sale in June 2011 was $133,749 compared to June 2012 at $156,353 representing a 16.9% increase.
Waiting for a deal on a condo? In June 2011 the average sales price was $129,277. This past June it jumped 10.74% to $143,154.
Beachside the prices are going up and the bidding wars are more frequent. It doesn’t seem to be a buyer’s market anymore and the tables are turning.
Most recently Jennifer McCoy with RE/MAX Elite negotiated at Bayport, a nice river side community in Cape Canaveral, the buyer offered less than $5,000 under the asking price, seller not budging, so in the meantime another offer comes in and paid the seller’s asking price.
“Buyers are going to miss the boat unless they learn the market is changing” says McCoy.
‘Don’t Miss the Boat’
Another good example is at The Meridian oceanfront complex in Cocoa Beach, as soon as a listing hits, it is gone and each sale is showing an increase.
In June there was a sale for $521,250, the next sales in July went up to $550,000 and next $580,000. These are all on the first living floor and comparable units with direct ocean views.
Currently there are a few pending sales and only one active listing available for sale at The Meridian, asking price $711,000.
A few other newer communities at the beach are selling like hotcakes and prices increasing.
• Mystic Vistas oceanfront community in Cape Canaveral prices just this year have ranged from $163,000 to $265,000 and today there is nothing for less than $350,000.
• Magnolia Bay riverfront community in Cocoa Beach, some prices were in the high 200s, now nothing for less than $329,900 and as high as $549,900.
Last year it took an average of 131 days for a property to sell. Today the average is down 15.94% to 110 days.
“Don’t miss the boat, get on board while prices are still reachable and financing is at an all time low” says McCoy.
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.