REAL ESTATE WATCH: 2015 Brevard County Annual Housing Statistics
By Bobby Freeman, Realtor // February 21, 2016
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ABOVE VIDEO: Brevard County’s housing market wrapped up 2015 with more closed sales, more new listings and higher median prices compared to the year before, according to the latest housing data released by Space Coast Association of Realtors.
BREVARD COUNTY, FLORIDA – Brevard County’s housing market wrapped up 2015 with more closed sales, more new listings and higher median prices compared to the year before, according to the latest housing data released by Space Coast Association of Realtors.
“It’s easy to see that the Space Coast real estate market is heading in the right direction” says Jennifer McCoy, Broker Associate for RE/MAX Elite’s McCoy-Freeman Group. “Prices are up, days on market are down and many developers are now grasping for anything to develop” says McCoy.
Statewide closed sales of existing single-family homes totaled 274,769 in 2015, up 12.4 percent compared to the 2014 figure, according to data from Florida Realtors Industry Data and Analysis department.
“2015 was a very strong year in terms of sales growth in Florida’s single-family home markets, thanks to a sales surge that began in the fourth quarter of 2014 and lasted through the third quarter of 2015,” said Florida Realtors Chief Economist Dr. Brad O’Connor.
“We expect home prices, on the other hand, to continue to rise at an elevated pace in 2016, as much of the state is in the midst of an inventory shortage that is likely to persist throughout the year.”
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A quick recap of the Brevard County Residential Report for 2015 compared to 2014:
•Closed Sales are up 7.8% for 2015 in which the number of units closed were 10,113 compared to 9,382 in 2014, with a decrease in cash sales by -9.6% compared to 2014.
•New Pending Sales are up 10.6% and New Listings are up 2.5%
•The Median Sales Price for Brevard Single Family Homes is up 18.6% to $162,500 compared to a year ago, which was $137,000.
•Months Supply of Inventory is down -12.1% to 2.9 months compared to 3.3 months in 2014
•Traditional Sales are up 23.4%, with a median sales price of $176,625.
•Foreclosure/REO Sales are down -28.7%, with a median sales price of $99,950.
•Short Sale Closing are down -36.8%, with a median sales price of $120,000.
A quick recap of the Brevard County Townhouses/Condos for 2015 compared to 2014:
• Closed Sales are up 12.6% for 2015 in which the number of units closed were 2,752 compared to 2,443 in 2014, with an increase in cash sales by 9.2% compared to 2014.
• New Pending Sales are up 20.0% and New Listings are up 1.3%
• Median Sales Price for Townhomes/Condos is up 9.9% to $133,000 compared to a year ago, which was $121,000.
• Months Supply of Inventory is down -16.9% to 3.5 months compared to 4.2 months in 2014
• Traditional Sales are up 24.8%, with a median sales price of $141,500.
• Foreclosure/REO Sales are down -28.3%, with a median sales price of $75,375.
• Short Sale Closing are down -46.1%, with a median sales price of $105,250.
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 including 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 $300 million.
Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, Certified Luxury Home Marketing Specialist (CLHMS), 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 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.com