Snowbirds Arrive In Brevard Looking To Buy, Not Rent
By Bobby Freeman, Florida Realtors // November 24, 2014
lack of inventory a challenge on space coast
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 month’s report.
BREVARD COUNTY, FLORIDA – Florida’s housing market reported more closed sales, higher median prices and a rising inventory in October, according to the latest housing data released by Florida Realtors®.
Closed sales of single-family homes statewide totaled 21,894 last month, up 17.8 percent over the October 2013 figure.
The statewide median sales price for single-family existing homes last month was $177,000, up 4.6 percent from the previous year. The statewide median price for townhouse-condo properties in October was $139,900, up 7.7 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Looking at Florida’s townhouse-condo market, statewide closed sales totaled 9,377 last month, up 7.4 percent compared to October 2013. The closed sales data reflected fewer short sales last month compared to the previous year: Short sales for condo-townhouse properties declined 55.6 percent while short sales for single-family homes dropped 47.6 percent.
“Over the last 18 months, we have seen our short sale volume decrease by more than 50 percent. They have been replaced with regular deals so the overall volume in the market place is still great,” said Shawn Fortenberry, Owner of Prestige Title of Brevard.
“Short sales are slowly but surely coming to an end but the sales of homes are stronger than ever. We have not heard of the debt forgiveness act being extended yet and it is my opinion that this may be the cut off the banks have been pushing for so we can finally thin out the short sales.”
In Brevard County, lack of inventory and the arrival of the Snowbirds on the Space Coast presents a challenge for local Realtors.
“The only problem we have right now is the lack of inventory for sale,” said Realtor Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“Available condo and town home listings for sale dropped over 29 percent in Brevard compared to this time last year. The snowbirds are here and many are now looking to buy instead of rent.”
A quick recap of the Brevard County Residential Report for October 2014 compared to October 2013:
- Closed Sales are up 17.1% for October 2014 in which the number of units closed were 851 compared to 727 in October 2013, with an increase in cash sales by 16.8% compared to October 2013.
- New Pending Sales are down -29.2% and New Listings are up 3.4%.
- Median Sales Price for Brevard County Single Family Homes are up 19.2% to $143,000 compared to a year ago, which was $120,000.
- Median Days on the Market are down -10.3%, which is 35 days compared to 39 in October 2013.
- Months Supply of Inventory is down -33.3% to 3.0 months compared to 4.5 months in October 2013.
- Traditional Sales are up 35.1%, with a median sales price of $161,700.
- Foreclosure/REO Sales are down -2.9%, with a median sales price of $86,050.
- Short Sale Closings are down -44.8%, with a median sale price of $145,000.
A quick recap of the Brevard County Townhouses/Condos Report for October 2014 compared to October 2013:
- Closed Sales are up 3.4% for October 2014, with a increase in cash sales of 1.4% compared to October 2013.
- New Pending Sales are down -26.2% and New Listings are up 5.0%.
- The Median Sales Price for Townhouses/Condos are up 27.5% to $130,000.
- Median Days on the Market are up 53.8.0%, which is 60 days compared to October 2013, which was 39 days.
- Months Supply of Inventory is down -34.5%, which is 3.8 months compared to October 2013, which was 5.7 months.
- Traditional Sales are up 19.4%, with a median sales price of $145,000.
- Foreclosure/REO Sales are down -32.1%, with a median sales price of $47,250.
- Short Sale Closings are down -22.2%, with a median sale price of $165,000.
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.