REAL ESTATE MARKET WATCH: Median Sales Price Up 14.7% For Brevard Single Family Homes
By Bobby Freeman, Realtor // September 29, 2016
Median Sales Price for Brevard SFH up 14.7%
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BREVARD COUNTY, FLORIDA – Florida’s housing market reported more closed sales, higher median prices, more new listings and fewer all-cash closed sales in August, according to the latest housing data released by Florida Realtors.
Closed sales of single-family homes statewide totaled 25,070 last month, up 8.2 percent from August 2015.
“Many sellers are taking advantage of their higher property values” says Broker-Associate Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“I have many clients that purchased 3-4 years ago and have sold recently for a very nice profit,” said McCoy.
In Brevard County, home sellers continued to get more of their original asking price at the closing table in August: Sellers of existing single-family homes received 94.8 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 96.7 percent (median percentage).
“Be prepared to make a quick buying decision in today’s real estate market,” said Nikki McCoy-Freeman of RE/MAX Elite’s McCoy-Freeman Group.
“The median time to contract for single-family homes dropped over 20% to 27 days compared to this time last year,” said McCoy-Freeman.
“Hopefully you will get the property you want and without having to deal with multiple highest and best offers which is becoming common again.”
A quick recap of the Brevard County Residential Report for August 2016 compared to August 2015:
- Closed Sales are up 1.5% for August 2016 in which the number of units closed was 879 compared to 866 in August 2015, with a decrease in cash sales by -26.1% compared to August 2015.
- New Pending Sales are up 1.8% and New Listings are up 7.4%.
- The Median Sales Price for Brevard Single Family homes is up 14.7% to $195,000 compared to a year ago, which was $170,000.
- Months Supply of Inventory is down -7.4% at 2.5 months compared to 2.7 months in August 2015.
- Traditional Sales are up 15.1%, with a median sales price of $200,000.
- Foreclosure/REO Sales are down -64%, with a median sales price of $109,450.
- Short Sale Closings are down -29.4%, with a median sales price of $127,500.
- Closed Sales are up 10.7% for August 2016 in which the number of units closed was 258 compared to 233 in August 2015, with an increase in cash sales of 4.9% compared to August 2015.
- New Pending Sales are up 7.6% and New Listings are up 3.4%.
- Median Sales Price for Townhomes/Condos is up 16.7% to $154,000 compared to a year ago, which was $132,000.
- Months Supply of Inventory is up 6.2% to 3.4 months compared to 3.2 months in August 2015.
- Traditional Sales are up 24.1%, with a median sales price of $158,500.
- Foreclosure/REO Sales are down -56.3%, with a median sales price of $63,000.
- Short Sale Closings are down -66.7%, with a median sales price of $112,450.
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
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