MARKET WATCH: Median Sales Price for Brevard Single Family Homes Up 0.5% to $229,000
By Bobby Freeman, Realtor // January 23, 2019
Median Sales Price for Townhomes/Condos in Brevard is up 5.7% to $185,000
SPACE COAST DAILY TV: Space Coast Real Estate Market Report by Realtor Bobby Freeman. The median sales price for Brevard Single Family homes is up 0.5% to $229,000 compared to a year ago, which was $227,789.
BREVARD COUNTY, FLORIDA – The median sales price for Brevard Single Family homes is up 0.5% to $229,000 compared to a year ago, which was $227,789.
Florida’s housing market reported higher median prices and increased inventory (active listings) in December compared to a year ago, according to the latest housing data released by Florida Realtors.
However, buyer uncertainty from rising mortgage rates and the federal government’s shutdown may have impacted home sales, which were lower than the level of sales a year ago.
Sales of single-family homes statewide totaled 20,633 last month, down 9.9 percent compared to December 2017.
“Interest rates played a small role in the lower number of closings, not only in Florida but across the nation,” said Jennifer McCoy, Broker-Associate with REMAX Elite’s McCoy-Freeman Group serving Florida’s Space Coast.
“Inventory is up in Brevard County giving buyers more options,” said McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.64 percent in December 2018, up from the 3.95 percent averaged during the same month a year earlier.
Recap of the Brevard County Residential Report for December 2018
• Closed Sales are down -10.4% for December 2018 in which the number of units closed was 749 compared to 836 in December 2017, with a decrease in cash sales of -8.8% compared to December 2017.
• New Pending Sales are down -6.7% and New Listings are up 0.7%.
• The Median Sales Price for Brevard Single Family homes is up 0.5% to $229,000 compared to a year ago, which was $227,789.
• Months Supply of Inventory is up 25.9% to 3.4 months, an increase from 2.7 months in 2017.
• Traditional Sales are down -11.8%, with a median sales price of $235,000.
• Foreclosure/REO Sales are up 38.5%, with a median sales price of $138,750.
• Short Sale Closings are down -40%, with a median sales price of $160,250.
Recap of the Brevard County Townhouses/Condos for December 2018
• Closed Sales are down -10.7% for December 2018 in which the number of units closed was 192 compared to 215 in December 2017, with a decrease in cash sales of -17% compared to December 2017.
• New Pending Sales are down -21.4% and New Listings are down -4.1%.
• Median Sales Price for Townhomes/Condos is up 5.7% to $185,000 compared to a year ago, which was $175,000.
• Months Supply of Inventory increased to 3.8 months in December 2018 from 3.3 months in December 2017.
• Traditional Sales are down -8.7%, with a median sales price of $185,000.
• Foreclosure/REO Sales were down -55.6% with a median sales price of $250,125.
• There were no Short Sale Closings in December 2017 or December 2018.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime 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
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