Brevard Real Estate Prices Up – Especially Beachside
By Bobby Freeman // March 23, 2013
BREVARD REAL ESTATE REPORT
BREVARD COUNTY, FLORIDA – According to the latest housing data released by Florida Realtors®, Florida’s median sales price for both single-family homes and townhouse-condo increased for the 14th month in a row in February.
So once again, the Florida housing market reported more closed sales, rising median prices, increased pending sales and a reduced inventory of homes for sale.
Statewide closed sales of existing single-family homes totaled 15,666 in February, up 10.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,028 units sold statewide last month, up 7 percent compared to February 2012. Meanwhile, pending sales for townhouse-condos in February increased 14.3 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $115,000, up 21.1 percent over the previous year. NAR reported that the national median existing condo price in January 2013 was $169,600.
Every month the real estate market in Brevard County picks up a little more. I’m noticing this first-hand, with more inquiries from buyers both locally – and even more so internationally.
PRICES UP – ESPECIALLY BEACHSIDE
On the other side, sellers have noticed the change in the real estate market as well. Prices are starting to go up in most locations and especially at the beach. Multiple offers are becoming too common.
In fact I just showed a new bank-owned condo listing today. As of now, there are only two offers submitted to the bank for this newer 3-bedroom, 2-bath condo with a slight view of the ocean.
Originally this particular condo sold for $525,000 in 2006 and it is listed for about 60 percent less today. Monday is the deadline for all offers and I’m sure there will be many more for the bank to consider.
ABOVE VIDEO: Brevard County property is in demand worldwide. “Real estate videos are essencial in today’s marketing especially to out-of-town buyers,” said longtime Realtor Bobby Freeman of RE/MAX Elite. “Extra photos in listings are great but a well produced real estate video really helps a potential buyer see exactly what is for sale before they step foot on the property.”
BUYERS FIGHTING OVER BACKUP OFFERS
Another example is my last two waterfront listings, one on the ocean and one on a canal, received accepted offers within a couple of days on the market. To top that, I even had buyers fighting over submitting a back-up offer in case the original buyer backs out of the purchase agreement for the home on the canal.
Inventory is low and demand is high. The inventory for single-family homes stood at a 5.5-months’ supply in February; inventory for townhouse-condos was at a 6.1-months’ supply, according to Florida Realtors.
“Several things are particularly striking about the February data,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“First, we note the continuing growth of cash sales, which are now half of existing single-family closed sales statewide and more than three-quarters of townhouse-condo closed sales. Second, we’re seeing more new listings and that trend is turning positive. This is the first sign that low inventories are convincing sellers to come to the market. Third, and related to the last point, the lowest price tiers (for home listings) are just about wiped out and are moving in a direction counter to the state trend.
“The biggest movements in listings as well as the other metrics are in the $300,000-$500,000 price tier.”
This year in Brevard County 134 single-family homes, condos and townhouses have sold compared to 106 sold the same time last year.
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 $180 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.
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