REAL ESTATE WATCH: Median Sales Price for Brevard Single Family Homes Up 10.3%
By Bobby Freeman, Realtor // February 23, 2018
Up to $215,000 compared to $195,000 last year
BREVARD COUNTY, FLORIDA – The number of closed real estate sales in Brevard County dropped more than 32 percent from December 2017 to January 2018.
But, does this mean the Space Coast real estate market is heading in the opposite direction?
“Absolutely not,” said Jennifer McCoy, Broker-Associate for RE/MAX Elite’s McCoy-Freeman Group.
“In fact, buyer demand is still very strong, inventory and interest rates are both low. We have buyers from all around the world wanting a piece of the Space Coast. Historically, December has always been a good month for closed sales while January has less closed sales so no need to panic.”
January marked 73 consecutive months that the statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year according to the latest housing data released by Florida Realtors. The median is the midpoint with half the homes sold for more, half for less.
Recap of the Brevard County Residential Report for January 2018
• Closed Sales are down 6.2% for January 2018 in which the number of units closed was 563 compared to 600 in January 2017, with a decrease in cash sales of 19.3% compared to January 2017.
• New Pending Sales are down 0.5% and New Listings are down 3.7%.
• The Median Sales Price for Brevard Single Family homes is up 10.3% to $215,000 compared to a year ago, which was $195,000.
• Months Supply of Inventory is up 7.7% to 2.8 months, an increase from 2.6 months in 2017.
• Traditional Sales are down 1.3%, with a median sales price of $215,750.
• Foreclosure/REO Sales are down 64.4%, with a median sales price of $162,500.
• Short Sale Closings are down 25.0%, with a median sales price of $215,000.
Recap of the Brevard County Townhouses/Condos for January 2018
• Closed Sales are down -9.7% for January 2018 in which the number of units closed was 168 compared to 186 in January 2017, with a decrease in cash sales of -21.9% compared to January 2017.
• New Pending Sales are up 2.7% and New Listings are up 14.6%.
• Median Sales Price for Townhomes/Condos is up 4.9% to $149,950 compared to a year ago, which was $143,000.
• Months Supply of Inventory has stayed the same at 3.8 months in January 2018 and January 2017.
• Traditional Sales are down -7.3%, with a median sales price of $149,950.
Foreclosure/REO Sales are down -85.7% with a median sales price of $130,000.
• Short Sale Closing statistics are not available, with one sale in January 2018 with a median sales price of $400,000 and no sales in January 2017.
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