MARKET REPORT: COVID-19 Pandemic Impacts Brevard’s Housing Market in April, Closed Sales Down 23 Percent
By Bobby Freeman, Realtor // May 27, 2020
New Pending Sales in Brevard are down 35.5%, New Listings are down 16.9%
Median Sales Price for Brevard Single Family homes is up +7.0% to $255,000 compared to a year ago, which was $238,000
BREVARD COUNTY, FLORIDA – In April, economic turmoil caused by the coronavirus pandemic, resulting in business shutdowns and subsequent rising unemployment rates impacted Brevard’s housing market.
Closed sales are down in Brevard 23.1% for April 2020 in which the number of units closed was 767 compared to 998 in April 2019, with a decrease in cash sales of -23.1% compared to April 2019.
The latest housing data from Florida Realtors reported lower levels of closed sales, pending sales, new listings, and other metrics compared to a year ago – except for median sale price, which rose compared to April 2019.
“Even with the decline in closed sales and new pending sales in April, the median sales price continued to rise last month for both single-family homes and condo-townhouse properties, signaling that home values are generally holding firm,” says Jennifer McCoy, Broker/owner for McCoy-Freeman Real Estate serving all of Florida’s Space Coast.
Last month’s closed sales of single-family homes statewide dropped 20.7 % year-over-year, totaling 21,403 while condo-townhouse sales declined 36.5%, for a total of 7,506. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.31% in April 2020, down from the 4.14% averaged during the same month a year earlier.
Recap of the Brevard County Residential Report for April 2020
■ Closed Sales are down 23.1% for April 2020 in which the number of units closed was 767 compared to 998 in April 2019, with a decrease in cash sales of -23.1% compared to April 2019.
■ New Pending Sales are down -35.5% and New Listings are down -16.9%.
■ The Median Sales Price for Brevard Single Family homes is up +7.0% to $255,000 compared to a year ago, which was $238,000.
■ Months Supply of Inventory is down -6.5% to 2.9 months, a decrease from 3.1 months in April 2019.
Recap of the Brevard County Townhouses/Condos for April 2020
■ Closed Sales are down 27.3% for April 2020 in which the number of units closed was 282 compared to 274 in April 2019, with a decrease in cash sales of -41.4% compared to April 2019.
■ New Pending Sales are down -43% and New Listings are down -34.3%.
■ Median Sales Price for Townhomes/Condos is up +23.9% to $214,9500 compared to a year ago, which was $173,500.
■ Months Supply of Inventory is down -10.3% to 3.5 months in April 2020 from 3.9 months in April 2019.
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.
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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