REAL ESTATE MARKET WATCH: Median Sales Price Up 11.4 Percent In Brevard
By Bobby Freeman, Florida Realtor // June 23, 2016
BREVARD COUNTY REAL ESTATE REPORT
ABOVE VIDEO: Highlights from this month’s report from RE/MAX, which researches 53 major metropolitan markets and analyzes the data to get a pulse on the U.S. housing market.
BRRVARD COUNTY, FLORIDA – Florida’s housing market reported higher median prices, more closed sales, increased new listings and fewer days to a contract in May, according to the latest housing data released by Florida Realtors.
Closed sales of single-family homes statewide totaled 25,518 last month, up 4.5 percent over the May 2015 figure.
Brevard County real estate is reporting more sales, more pending sales and 11.4% increase for median sales price for single-family homes.
Categories that are trending down are the median time to contract (-22.9%), active listings (-9.5%) and months supply of inventory (-10.3) for single-family homes compared to this time last year.
Also down are cash sales (-18.2%) and distressed sales (-42.9%). I would contribute the decrease in all cash sales with the decline in distressed sales.
“Cash investors were buying most of the distressed inventory and reselling to mostly financing buyers,” said Jennifer McCoy, Broker-Associate for RE/MAX Elite’s McCoy-Freeman Group.
“Currently we have less inventory than last year but more buyer demand is causing sales prices to go up” says McCoy.
A quick recap of the Brevard County Residential Report for May 2016 compared to May 2015:
• Closed Sales are up 2.6% for May 2016 in which the number of units closed were 942 compared to 918 in May 2015, with a decrease in cash sales by -18.2% compared to May 2015.
• New Pending Sales are up 6.2% and New Listings are up 3.8%.
• The Median Sales Price for Brevard Single Family homes is up 11.4% to $185,000 compared to a year ago, which was $166,000.
• Months Supply of Inventory is down -10.3% at 2.6 months compared to 2.9 months in May 2015
• Traditional Sales are up 12.9%, with a median sales price of $190,000.
• Foreclosure/REO Sales are down -44.1%, with a median sales price of $131,000.
• Short Sale Closings are down -41.7%, with a median sales price of $99,950.
A quick recap of the Brevard County Townhouses/Condos for May 2016 compared to May 2015:
• Closed Sales are up 10.5% for May 2016 in which the number of units closed were 262 compared to 237 in May 2015, with an increase in cash sales by 4.8% compared to May 2015.
• New Pending Sales are up 4.2% and New Listings are up 4.3%
• Median Sales Price for Townhomes/Condos stayed the same at $140,000.
• Months Supply of Inventory is down -9.8% to 3.7 months compared to 4.1 months in May 2015.
• Traditional Sales are up 21.8%, with a median sales price of $143,200.
• Foreclosure/REO Sales are down -61.3%, with a median sales price of $110,200.
• Short Sale Closings are down -49.7%, with a median sales price of $102,550.
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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