MARKET WATCH: Median Sales Price for Brevard Single Family Home Up 6.6% to $244,000

By  //  September 9, 2019

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Median Price for Townhomes/Condos is up 7.2% to $183,000

WATCH: Florida’s housing market reported more closed sales, more pending sales and higher median prices in July compared to a year ago, according to the latest housing data released by Florida Realtors. The median sales price for Brevard single-family homes is up 6.6% to $244,000 compared to a year ago, which was $229,000.

BREVARD COUNTY, FLORIDA – The median sales price for Brevard single-family homes is up 6.6% to $244,000 compared to a year ago, which was $229,000.

Florida’s housing market reported more closed sales, more pending sales and higher median prices in July compared to a year ago, according to the latest housing data released by Florida Realtors.

Sales of single-family homes statewide totaled 28,142 last month, up 10.4% from July 2018.

In July, statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year for 91 consecutive months.

The statewide median sales price for single-family existing homes was $268,000, up 5.1% from the previous year. Last month’s statewide median price for condo-townhouse units was $188,000, up 4.4% over the year-ago figure.

“After taking a little breather in June, the pace of existing-home sales in Florida ramped right up again in July,” says Florida Realtors Chief Economist Dr. Brad O’Connor.

“Closed sales of single-family homes were up more than 10% in July compared to a year ago, and new pending sales – that is, the number of homes that went under contract during the month – were up by 7.4%, year-over-year.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.77% in July 2019, down significantly from the 4.53% averaged during the same month a year earlier.

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Recap of the Brevard County Residential Report for July 2019

• Closed Sales are up +2.8% for July 2019 in which the number of units closed was 985 compared to 958 in July 2018, with an increase in cash sales of +1.0% compared to July 2018.

• New Pending Sales are up +7.7% and New Listings are up +0.6%.

• The Median Sales Price for Brevard Single Family homes is up +6.6% to $244,000 compared to a year ago, which was $229,000.

• Months Supply of Inventory is down -6.5% to 2.9 months, a decrease from 3.1 months in July 2018.

• Traditional Sales are up +3.5%, with a median sales price of $245,000.

• Foreclosure/REO Sales are down -21.1%, with 15 sales and a median sales price of $190,000.

• Short Sale Closings are down -50.0% with 2 closed sale in July 2019 compared to 4 sales in July 2018.

Recap of the Brevard County Residential Report for July 2019

Recap of the Brevard County Townhouses/Condos for July 2019

• Closed Sales are unchanged at +0.0% for July 2019 in which the number of units closed was 287 compared to 287 in July 2019, with a decrease in cash sales of -4.7% compared to July 2018.

• New Pending Sales are up +19.5% and New Listings are up +3.7%.

• Median Sales Price for Townhomes/Condos is up +7.2% to $183,000 compared to a year ago, which was $170,750.

• Months Supply of Inventory increased +12.1% to 3.7 months in July 2019 from 3.3 months in July 2018.

• Traditional Sales are up +0.4%, with a median sales price of $185,900.

• Foreclosure/REO Sales are down +20.0%, with 4 sales and a median sales price of $91,850.

• Short Sale Closings are unchanged at +0.0% with 0 closed sales in July 2019 compared to 0 sales in July 2018.

Recap of the Brevard County Townhouses/Condos for July 2019

ABOUT THE AUTHOR

Bobby Freeman
Bobby Freeman

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

TO SEE CONDO LISTINGS LOG ON TO CocoaBeachCondoGallery.com

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