MARKET WATCH: Median Sales Price for Brevard Single Family Home Down to $234,000
By Bobby Freeman, Realtor // September 25, 2019
Closed Sales are down -2.7% for August 2019
BREVARD COUNTY, FLORIDA – The Median Sales Price for Brevard single-family homes is down -0.4% to $234,000 compared to a year ago, which was $235,000.
Florida’s housing market reported rising median prices and more pending inventory in August compared to a year ago, according to the latest housing data released by Florida Realtors.
Sales of single-family homes statewide totaled 27,107 last month, up 3.2% from August 2018.
Pending inventory for single-family existing homes increased 4.5% last month compared to a year ago, while condo-townhouse pending inventory rose 4.8%.
Pending inventory is the number of listed properties that were under contract at the end of the month or data collection period.
“Positive trends for Florida such as low unemployment rate of 3.3% (in July), strong economy and favorable jobs outlook continue to fuel our real estate market,” says Jennifer McCoy with McCoy-Freeman Group REMAX.
“Also, low-interest rates continue to ignite homebuyers’ interest in our Sunshine State,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.62% in August 2019, down significantly from the 4.55% averaged during the same month a year earlier.
Recap of the Brevard County Residential Report for August 2019
• Closed Sales are down -2.7% for August 2019 in which the number of units closed was 943 compared to 969 in August 2018, with a decrease in cash sales of -10.9% compared to August 2018.
• New Pending Sales are down -1.0% and New Listings are down -19.1%.
• The Median Sales Price for Brevard Single Family homes is down -0.4% to $234,000 compared to a year ago, which was $235,000.
• Months Supply of Inventory is down -15.2% to 2.8 months, a decrease from 3.3 months in August 2018.
• Traditional Sales are down -2.2%, with a median sales price of $236,490.
• Foreclosure/REO Sales are down -26.1%, with 17 sales and a median sales price of $126,300.
• Short Sale Closings are down -33.3% with 4 closed sale in August 2019 compared to 3 sales in August 2018.
Recap of the Brevard County Townhouses/Condos for August 2019
• Closed Sales are up to +7.3% for August 2019 in which the number of units closed was 263 compared to 245 in August 2018, with an increase in cash sales of +1.7% compared to August 2018.
• New Pending Sales are up +4.3% and New Listings are down -16.0%.
• Median Sales Price for Townhomes/Condos is up +2.8% to $185,000 compared to a year ago, which was $180,000.
• Months Supply of Inventory remained unchanged at +0.0% to 3.5 months in August 2019 from 3.5 months in August 2018.
• Traditional Sales are up +7.9%, with a median sales price of $185,500.
• Foreclosure/REO Sales are down -33.3%, with 2 sales and a median sales price of $155,000.
• Short Sale Closings are unchanged at +0.0% with 1 closed sales in August 2019 compared to 1 sales in August 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 Space Coast Daily.
For more information log on to BrevardRealtyConnection.com
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