Housing Market Reported Higher Median Prices, Fewer Days On Market
By Bobby Freeman, Realtor // November 26, 2015
real estate market watch
BREVARD COUNTY, FLORIDA – Florida’s housing market reported higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors.
A recap of the Brevard County Townhouses/Condos stats for October 2015 compared to October 2014:
• Closed Sales are up 0.9% for October 2015 in which the number of units closed were 213 compared to 211 in October 2014, with a decrease in cash sales by -10.0% compared to October 2014.
• New Pending Sales are up 60.1% and New Listings are down -1.6%
•Median Sales Price for Townhomes/Condos is up 6.2% to $138,000 compared to a year ago, which was $130,000.
• Months Supply of Inventory is down -11.3% to 3.3 months compared to 3.8 months in October 2014
• Traditional Sales are up 10.8%, with a median sales price of $144,000.
• Foreclosure/REO Sales are down -26.3%, with a median sales price of $100,000.
• Short Sale Closing are down -85.7%, with a median sales price of $52,000.
A recap of the Brevard County Residential Report for October 2015 compared to October 2014:
• Closed Sales are down -10.3% for October 2015 in which the number of units closed were 763 compared to 851 in October 2014, with a decrease in cash sales by -29.6% compared to October 2014.
• New Pending Sales are up 44.7% and New Listings are up 3.8%
• The Median Sales Price for Brevard Single Family homes is up 15.4% to $165,000 compared to a year ago, which was $143,000.
• Months Supply of Inventory is down -3.7% to 2.9 months compared to 3.0 months in October 2014
• Traditional Sales are up 5.7%, with a median sales price of $175,000.
• Foreclosure/REO Sales are down -53.5%, with a median sales price of $125,000.
• Short Sale Closing are down -45.9%, with a median sales price of $113,625.
STATEWIDE CLOSED SALES
Statewide closed sales of existing single-family homes rose last month with a total of 22,147, an increase of 1.2 percent over October 2014.
Statewide, October marked the 47th consecutive month in a row that the median sales increased year-over-year for both single-family homes and townhouse-condo properties.
The statewide median sales price for single-family existing homes last month was $198,995, up 12.4 percent from the previous year, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations.
The statewide median price for townhouse-condo properties in August was $150,000, up 7.2 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 last month totaled 9,294, down 0.9 percent compared to October 2014.
The closed sales data reflected fewer short sales in October: Short sales for townhouse-condo properties declined 47.7 percent while short sales for single-family homes dropped 33.1 percent. Closed sales typically occur 30 to 90 days after sales contracts are written.
“The Florida real estate market is catching its breath after a frantic summer and early fall,” said Florida Realtors Chief Economist Dr. John Tuccillo.
“One month’s numbers do not make a trend, but the October numbers are signaling a return toward a more balanced market.”
Inventory remains constrained, with a 4.4-months’ supply in October for single-family homes and a 5.3-months’ supply for townhouse-condo properties, according to Florida Realtors.
Most analysts consider a 6-month supply of inventory as the benchmark for a balanced market between buyers and sellers.