Closed June 2014 Condo Sales Up 22% In Brevard County
By Bobby Freeman, Realtor // July 23, 2014
single-family home median sales price up 7.7%
ABOVE VIDEO: RE/MAX researches 52 major metropolitan markets and analyzes the data to get a pulse on the U.S. housing market. Here are some highlights from this months report.
BREVARD COUNTY, FLORIDA – Brevard County’s housing market continues to report more new listings, increased median prices and more new pending sales according to the latest housing data released by Florida Realtors®.
In Brevard, the number of closed sales were up over 16% in June compared to June 2013 for single-family homes. Closed condo sales were up over 22% and the median sales price for single-family homes rose 7.7% to $140,000 compared to $130,000 last year.
“Buyers are taking advantage of mortgage rates that are near historic lows” said Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group. “Cash buyers accounted for over half of all sales here in June” says McCoy. “If a property is priced fair, it will usually sell quick.”
The statewide median sales price for single-family existing homes last month was $185,000, up 5.2 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis (IDA) department in partnership with local Realtor boards/associations.
The statewide median price for townhouse-condo properties in June was $141,000, up 8.5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Florida Realtors Chief Economist Dr. John Tuccillo said, “June was a very strong month for both the single-family and the townhouse and condo markets in Florida, and we are very encouraged by the data. But a look at one month alone does not ever truly describe the market. So when the strong June report is balanced by a somewhat weaker May, the picture of a market settling-in emerges.
“We are generally seeing slower increases in both sales and prices, and a rising level of inventories. All of this points to a continued steady, manageable growth in the Florida housing market.”
Recap of the Brevard County Residential Report for June 2014 compared to June 2013:
• Closed Sales are up 16.1% for June 2014 in which the number of units closed were 880 compared to 758 in June 2013, with an increase in cash sales by 7.4% compared to June 2013.
• New Pending Sales are up 16.5% and New Listings are up 5.7%.
• Median Sales Price for Brevard County Single Family Homes are up 7.7% to $140,000 compared to a year ago, which was $130,000.
• Median Days on the Market are up 9.1%, which is 36 days compared to 33 in June 2013.
• Months Supply of Inventory is down -1.3% to 3.9 months compared to 3.9 months in June 2013.
• Traditional Sales are up 31.6%, with a median sales price of $164,000.
• Foreclosure/REO Sales are up 9.9%, with a median sales price of $80,250.
• Short Sale Closings are down -56.2%, with a median sale price of $105,869.
Recap of the Brevard County Townhouses/Condos Report for June 2014 compared to June 2013:
• Closed Sales are up 27.7% for June 2014, with a increase in cash sales of 22.2% compared to June 2013.
• New Pending Sales are up 13.9% and New Listings are down -2.7%.
• The Median Sales Price for Townhouses/Condos are up 3.3% to $124,000.
• Median Days on the Market are up 11.9%, which is 47 days compared to June 2013, which was 42 days.
• Months Supply of Inventory is down -14.9%, which is 4.7 months compared to June 2013, which was 5.5 months.
• Traditional Sales are up 34.6%, with a median sales price of $137,900.
• Foreclosure/REO Sales are up 53.6%, with a median sales price of $72,000.
• Short Sale Closings are down -80.0%, with a median sale price of $106,000.
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 $200 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.