MARKET WATCH: Median Sales Price For Brevard Single Family Homes Up 12.2 Percent Compared To Last Year
By Bobby Freeman, Realtor // August 26, 2017
Median Sales Price for Condos is up 15%
SPACE COAST DAILY TV: The median sales price for Brevard single family homes is up 12.2 percent to $220,000 compared to a year ago, which was $196,000. Above – July 2017 national housing trends in less than 40 seconds.
BREVARD COUNTY, FLORIDA – The median sales price for Brevard single family homes is up 12.2 percent to $220,000 compared to a year ago, which was $196,000.
Just like the weather, Florida’s housing market was hot in July with more closed sales, higher median prices, increased pending sales and more new listings, according to the latest housing data released by Florida Realtors.
The statewide median sales price for single-family existing homes last month was $240,000, up 7.1 percent from the previous year, according to data from Florida Realtors Research department in partnership with local Realtor boards/associations.
The statewide median price for townhouse-condo properties in July was $170,950, up 6.8 percent over the year-ago figure. July marked the 68th month-in-a-row that statewide median prices for both sectors rose year-over-year. The median is the midpoint; half the homes sold for more, half for less.
“The real estate market is on fire here on Florida’s Space Coast,” said Jennifer McCoy, Broker-Associate for RE/MAX Elite’s McCoy-Freeman Group.
“Buyers need to act quick because most new listings are being sold within weeks of hitting the market” says McCoy.
Recap of the Brevard County Residential Report for July 2017
• Closed Sales are down -1.7% for July 2017 in which the number of units closed was 874 compared to 889 in July 2016, with a decrease in cash sales of -9.9% compared to July 2016.
• New Pending Sales are up 3.3% and New Listings are up 26.5%.
• The Median Sales Price for Brevard Single Family homes is up 12.2% to $220,000 compared to a year ago, which was $196,000.
• Months Supply of Inventory is up 7.7% to 2.8 months, up from 2.6 months in 2016.
• Traditional Sales are up 1.1%, with a median sales price of $222,000
• Foreclosure/REO Sales are down -45.3%, with a median sales price of $144,800.
• Short Sale Closings are down -9.7%, with a median sales price of $158,000.
Recap of the Brevard County Townhouses/Condos for July 2017
• Closed Sales are up 18% for July 2017 in which the number of units closed was 223 compared to 189 in July 2016, with an increase in cash sales of 12% compared to July 2016.
• New Pending Sales are down -5% and New Listings are up 16.5%.
• Median Sales Price for Townhomes/Condos is up 15% to $161,000 compared to a year ago, which was $140,000.
• Months Supply of Inventory is down -10.5% to 3.4 months compared to 3.8 months in July 2016.
• Traditional Sales are up 21.5%, with a median sales price of $164,900.
• Foreclosure/REO Sales saw no change with a median sales price of $64,000.
• Short Sale Closings are down -100%, with no sales in July 2017.
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.
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