Real Estate Report: New Listings Up 15 Percent
By Bobby Freeman // November 23, 2013
SALES UP 9 PERCENT over last year
BREVARD COUNTY, FLORIDA – The local and state real estate markets continued moving forward in October 2013, with once again, more closed sales and higher median prices according to the latest housing data released by Florida Realtors®.
“The housing numbers continue to hold up, bolstered by strong employment growth and population in-migration,” says Florida Realtors Chief Economist Dr. John Tuccillo.
“We are, however, noticing that there has been a steady decline in the share of cash sales in the market, suggesting that investment activity in Florida real estate may be waning. This takes an important element of demand out of the equation.
SALES UP 6.5 PERCENT SINCE A YEAR AGO
“Equally important is the slight rise in inventories we have seen in the past few months. Both factors are linked, but both are happening gradually and the market should be able to adjust to the changes.”
Statewide closed sales of existing single-family homes totaled 18,728 in October, up 6.5 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.
NEW LISTINGS UP 15 PERCENT IN BREVARD
In Brevard closed single-family home sales rose over 9 percent compared to last year and the number of new listings were up 15 percent to 1,091. Cash buyers accounted for almost half of the number of closed sales.
Single-family foreclosed sales were up over 94 percent while short sales were down 56% compared to October 2012. The median sales price rose 3.4 percent to $120,000.
“We are seeing a lot of competition among buyers especially with foreclosures” says Realtor Jerry Hinds, Foreclosure Specialist with RE/MAX Elite. “I am also seeing banks listing their properties at higher prices” says Hinds.
In fact the median sales price for foreclosed properties rose 23.4 percent to $89,450 and short sales up over 16 percent to $98,700.
As of 11/21/13 there are currently 639 bank-owned and 288 short sale properties available in Brevard to purchase.
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.