REAL ESTATE MARKET WATCH: Median Sales Price Up 14.7% For Brevard Single Family Homes

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.

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