MARKET WATCH: Hurricane Irma Impacts Local Pending Real Estate Sales, Down 37 Percent In September
By Space Coast Daily // October 25, 2017
statewide median sales price up 7.6 percent
ABOVE VIDEO: Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas.
BREVARD COUNTY, FLORIDA – September was the 70th month-in-a-row that statewide median prices for both single-family homes, condos and town homes according to the latest housing data released by Florida Realtors.
However, Hurricane Irma, which made landfall in the Keys on Sept. 10 and continued up the state’s west coast, affected Florida’s housing market data in September. Fewer sales, pending sales and new listings were reported, though median prices rose as a still-tight inventory of for-sale homes remained the norm in many areas.
“We had many pending sales that were delayed due to Hurricane Irma” says Jennifer McCoy, Broker-Associate with RE/MAX Elite’s McCoy Freeman Group.
“Damages to docks, roofs, fences and pending HOA assessments caused delays in closings, price reductions or holding money in escrow.”
The statewide median sales price for single-family existing homes last month was $239,900, up 7.6 percent from the previous year. The statewide median price for townhouse-condo properties in September was $173,000, up 8.1 percent over the year-ago figure.
“Perhaps the most important thing to understand about this month’s sales numbers is that these declines in real estate activity are not in any way indicative of a decline in the demand for housing going forward, or any other structural change in Florida’s housing market dynamics, for that matter,” said Florida Realtors Chief Economist Dr. Brad O’Connor.
Recap of the Brevard County Residential Report for September 2017:
• Closed Sales decreased -18.4% for September 2017 in which the number of units closed was 693 compared to 849 in September 2016, with a decrease in cash sales of -26.4% compared to September 2016.
• New Pending Sales are down -37.7% and New Listings are down -30.9%.
• The Median Sales Price for Brevard Single Family homes is up 9.1% to $215,000 compared to a year ago, which was $197,100.
• Months Supply of Inventory is up 12% to 2.8 months compared to 2.5 months in September 2016.
• Traditional Sales are down -15.5%, with a median sales price of $220,000.
• Foreclosure/REO Sales are down -55.8%, with a median sales price of $115,000.
• Short Sale Closings decreased -64.3% and had a median sales price of $180,000.
Recap of the Brevard County Townhouses/Condos for September 2017:
• Closed Sales are down -25.9% for September 2017 in which the number of units closed was 163 compared to 220 in September 2016, with a decrease in cash sales of -43.7% compared to September 2016.
• New Pending Sales are down -35.7% and New Listings are down -36.4%.
• Median Sales Price for Townhomes/Condos is up 17.5% to $163,000 compared to a year ago, which was $138,700.
• Months Supply of Inventory did not change. It was 3.4 months in September 2016 and September 2017.
• Traditional Sales decreased -24%, with a median sales price of $165,250.
• Foreclosure/REO Sales decreased -60% and had a median sales price of $101,500.
• Short Sale Closings decreased -50%, with a median sales price of $60,000 in September 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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