REAL ESTATE MARKET WATCH: Median Sales Price for Brevard Single Family Homes Up 10.9% to $194,000
By Bobby Freeman, Realtor // April 25, 2017
CONDO median sale price UP TO $150,000
ABOVE VIDEO: Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades, discusses the real estate market in in Brevard County and statewide.
BREVARD COUNTY, FLORIDA – Florida’s housing market reported more closed sales, higher median prices and increased pending sales in March, according to the latest housing data released by Florida Realtors.
Sales of single-family homes statewide totaled 25,921 last month, up 9.3 percent compared to March 2016.
However in Brevard County distressed sales continue to plummet. Last month a total of 102 bank-owned and short sales sold compared to 267 in March of 2015 and 346 sold in March of 2012.
Nationally closed sales data reflected fewer short sales and cash-only sales last month: Short sales for townhouse-condo properties declined 29.7 percent while short sales for single-family homes also dropped 33 percent.
“I remember when most transactions were either a short sale or bank-owned,” said broker-associate Jennifer McCoy with RE/MAX Elite’s McCoy-Freeman Group.
“Today there are 17 short sales and 62 bank-owned listings for sale compared to 2,569 standard listings for sale in Brevard County.”
Recap of the Brevard County Residential Report for March 2017 compared to March 2016:
Closed Sales are up 0.3% for March 2017 in which the number of units closed was 909 compared to 906 in March 2016, with a decrease in cash sales of -12.2% compared to March 2016.
New Pending Sales are down -3.6% and New Listings are up 9.6%.
The Median Sales Price for Brevard Single Family homes is up 10.9% to $194,000 compared to a year ago, which was $175,000.
Months Supply of Inventory is down -7.4% at 2.5 months compared to 2.7 months in March 2016.
Traditional Sales are up 7.5%, with a median sales price of $195,000.
Foreclosure/REO Sales are down -51.5%, with a median sales price of $163,000.
Short Sale Closings are down -50%, with a median sales price of $250,000.
Recap of the Brevard County Townhouses/Condos for March 2017 compared to March 2016:
Closed Sales are down -0.4% for March 2017 in which the number of units closed was 254 compared to 255 in March 2016, with an increase in cash sales of 4.1% compared to March 2016.
New Pending Sales are up 12.2% and New Listings are down -4.2%.
Median Sales Price for Townhomes/Condos is up 8.7% to $150,000 compared to a year ago, which was $138,000.
Months Supply of Inventory is down -10% to 3.6 months compared to 4 months in March 2016.
Traditional Sales are up 7%, with a median sales price of $150,000.
Foreclosure/REO Sales are down -55%, with a median sales price of $137,000.
Short Sale Closings are down -100%, as there were no sales in March of 2017.
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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