August Hot Month For Real Estate In Brevard
By Bobby Freeman // September 22, 2013
Multiple offers have now become common
ABOVE VIDEO: RE/MAX researches and analyzes the data to get a pulse on the housing market.
BREVARD COUNTY, FLORIDA – August was a hot month for real estate sales in Brevard County as closed single-family home sales rose 11.5 percent and new pending sales – contracts signed but not yet completed or closed – rose 26.9 percent compared to August 2012 according to a recent report by Florida Realtors.
Condo and town home sales were up 15.4 percent and pending sales increased 20.9 percent. “Multiple offers have now become common,” says RE/MAX Hall of Fame Realtor Jennifer McCoy with RE/MAX Elite.
“Some of our out-of-town buyers have placed accepted offers on properties without actually seeing the property in person. “ MEDIAN SALES PRICE RISES 13 PERCENT This increase in demand has caused the median sales price to rise 13 percent to $130,000 and cash sales in Brevard rose 14.1 percent from last year for single-family homes and 26.4 percent for condos and town homes. The biggest leverage a buyer can have in today’s real estate market is submitting contracts with quick closings and little to no contingencies.
Buyers obtaining financing are more likely to offer more money in a multiple offer situation. If you are financing $250,000 at 5 percent over 30 years your monthly mortgage payment is $1,342. Now let’s say your in a multiple offer situation and offer $260,000. Your monthly mortgage payment increased only $53. Statewide August represents the 20th month in a row that the single-family home sales price has increased. Statewide closed sales of existing single-family homes totaled 20,933 in August, up 12.5 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. PRESSURE ON INVENTORIES MAY BE EASING According to the National Association of Realtors (NAR), the national median sales price for existing single-family homes in July 2013 was $214,000, up 13.5 percent from the previous year.
“The most striking feature of this month’s data relates to new listings and inventory,” says Florida Realtors Chief Economist Dr. John Tuccillo.
“Each month in 2013 has seen a rise year-over-year in new listings for both single family homes and townhouses and condos, with the exception of March for condo/townhomes. Balancing out the growth in closed sales, the increase in new listings has contributed to steady inventory. Single-family-home inventory is now at 5.1 months for August 2013, after holding steady at a 5-months supply in May through July. Condo/townhome inventory remains at a 5.2 months supply for the third month in a row. “Combined with a relative decline in cash sales, this suggests that the pressure on inventories that has plagued the Florida market may be easing.”
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. For more information log on to BrevardRealtyConnection.