BREVARD REAL ESTATE REPORT: Median Sales Price Up 19.3% For Single-Family Homes
By Bobby Freeman, Realtor // January 28, 2018
CONDO MEDIAN SALE PRICE UP 20.7%
SPACE COAST DAILY TV: Space Coast Realtor Bobby Freeman discusses the Brevard County real estate market, is Zillow correct and Home Town Progress.
BREVARD COUNTY, FLORIDA – Florida’s housing market reported more closed sales and higher median prices in December, according to the latest housing data released by Florida Realtors. Sales of single-family homes statewide totaled 22,903 last month, up 2.6 percent compared to December 2016.
In fact, last month the median sales prices for both single-family homes, condos and townhomes rose year-over-year for 72 months in a row.
Florida sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in December received 96.3 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).
“The property you are thinking about buying tomorrow might be sold today from the person that looked at it yesterday,” says Jennifer McCoy, Broker-Associate for RE/MAX Elite’s McCoy-Freeman Group in Brevard County.
Prices continue to climb in Brevard County as the median sale price for a single-family home rose 19.3% compared to December of 2016.
“As we start out 2018 home values and mortgage interest rates are gradually continuing to rise. But as my father, a retired Veteran, always says “son as long as interest rates are in the single digits, the housing market should be fine” says Stephen Thaggard Sales Manager for Embrace Home Loans in Viera.
“I have listened to him my entire career and he seems to always be right. Remember home prices and mortgage interest rates are most likely lower than they will be next year. Buy now and save more! “ says Thaggard.
Recap of the Brevard County Residential Report for December 2017
• Closed Sales are up 0.4% for December 2017 in which the number of units closed was 836 compared to 833 in December 2016, with a decrease in cash sales of -15% compared to December 2016.
New Pending Sales are up 3.8% and New Listings are down -1.4%.
• The Median Sales Price for Brevard Single Family homes is up 19.3% to $227,789 compared to a year ago, which was $191,000.
Months Supply of Inventory is up 12.5% to 2.7 months, an increase from 2.4 months in 2016.
• Traditional Sales are up 4%, with a median sales price of $229,500.
• Foreclosure/REO Sales are down -49%, with a median sales price of $165,450.
• Short Sale Closings are down -37.5%, with a median sales price of $119,000.
Recap of the Brevard County Townhouses/Condos for November 2017
• Closed Sales are down -3.6% for December 2017 in which the number of units closed was 215 compared to 223 in December 2016, with a decrease in cash sales of -20.3% compared to December 2016.
• New Pending Sales are down -9.9% and New Listings are down -0.5%.
• Median Sales Price for Townhomes/Condos is up 20.7% to $175,000 compared to a year ago, which was $145,000.
• Months Supply of Inventory is down -8.3% to 3.3 months in December 2017 from 3.6 in December 2016.
• Traditional Sales are down -3.3%, with a median sales price of $175,000.
• Foreclosure/REO Sales increased 12.5% with a median sales price of $116,000.
• Short Sale Closings are down -100%, with no sales in December 2017.
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