REAL ESTATE MARKET REPORT: Brevard Single Family Home Median Sales Price Up 7.8% to $248,000
By Bobby Freeman – Realtor // March 25, 2020
New Pending Sales in Brevard are up 16.2% and New Listings are up 4.7%
BREVARD COUNTY, FLORIDA – The median sales price for Brevard Single Family homes is up +7.8% to $248,000 compared to a year ago, which was $230,000.
Florida’s housing market reported more closed sales, higher median prices, more pending sales and higher pending inventory in February 2020 compared to a year ago, according to the latest housing data released by Florida Realtors.
Sales of single-family homes statewide totaled 20,693 last month, up 9.1% from February 2019.
Looking at Florida’s condo-townhouse market in February, statewide closed sales totaled 8,842, up 10.8% from the level a year ago.
“Data shows that Florida’s housing market experienced another solid month of growth in February,” says Jennifer McCoy, Broker/Owner of McCoy-Freeman Real Estate serving Florida’s Space Coast.
“The historically low mortgage interest rates continue to serve as the principal driver of growth in the housing market last month,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.47% in February 2020, down from the 4.37% averaged during the same month a year earlier.
Recap of the Brevard County Residential Report for February 2020
• Closed Sales are up +4.4% for January 2020 in which the number of units closed was 695 compared to 666 in February 2019, with a decrease in cash sales of -18.4% compared to February 2019.
• New Pending Sales are up +16.2% and New Listings are up +4.7%.
• The Median Sales Price for Brevard Single Family homes is up +7.8% to $248,000 compared to a year ago, which was $230,000.
• Months Supply of Inventory is down -27.8% to 2.6 months, a decrease from 3.6 months in February 2019.
• Traditional Sales are up +4.9%, with a median sales price of $250,000.
• Foreclosure/REO Sales are down -8.3%, with 22 sales and a median sales price of $162,550.
• Short Sale Closings are unchanged 0% with 3 closed sales in February 2020 compared to 3 closed sales in February 2019.
Recap of the Brevard County Townhouses/Condos for February 2020
• Closed Sales are down -0.9% for February 2020 in which the number of units closed was 210 compared to 212 in February 2019, with a decrease in cash sales of -17.6% compared to February 2019.
• New Pending Sales are up +4.8% and New Listings are down -5.8%.
• Median Sales Price for Townhomes/Condos is up +21.5% to $210,750 compared to a year ago, which was $173,500.
• Months Supply of Inventory is down -21.4% to 3.3 months in February 2020 from 4.2 months in February 2019.
• Traditional Sales are down -1.0%, with a median sales price of $212,500.
• Foreclosure/REO Sales are unchanged 0%, with 3 sales and a median sales price of $72,100.
• Short Sale Closings are unchanged 0.0% with 0 closed sales in February 2020 compared to 0 closed sales in February 2020.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over 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 from some of the largest real estate firms in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.
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REAL ESTATE: Will There Be Another Housing Crash Similar to 2008 Amid Coronavirus Pandemic?
Among McCoy-Freeman Group’s achievements are 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.
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