BREVARD MARKET REPORT: Median Sales Price for Brevard Single-Family Homes Up 4.5% to $250,000
By Bobby Freeman – Realtor // June 23, 2020
Brevard County Townhouses/Condos Closed Sales are down 43.8% for May 2020
BREVARD COUNTY, FLORIDA – The median sales price for Brevard single-family homes is up 4.5% to $250,000 compared to a year ago, which was $239,208.
Florida Realtors housing market statistics for May 2020 have just been released, and they show several signs of a recovery from the titanic economic shock that was the onset of the COVID-19 pandemic in the U.S.
Statewide, the most significant evidence we have of a rebound are the year-over-year changes we see for new pending sales in May.
“The Space Coast housing demand continues to be driven by record-low mortgage rates and shows no signs of rising significantly any time soon,” said Jennifer McCoy, Broker/Owner for McCoy-Freeman Real Estate serving all of Florida’s Space Coast.
“I believe June could be a very strong month for sales given the high levels of pent-up demand that has likely been released in recent weeks.”
In the single-family home category, we actually experienced a 2.3 percent increase in the number of homes going under contract compared to May of last year.
This is in significant contrast to what we saw in April when new pending sales were down by 35 percent.
Turning now to home values, there’s more good news in that the sale prices for the home sales that closed in May remained stable.
The single-family median sale price was up by 1-and-a-half percent versus last year, rising to $270,000. Likewise, the condo-townhouse median sale price increased as well, rising by 3.3% up just over $200,000.
Recap of the Brevard County Residential Report for May 2020
■ Closed Sales are down -34.7% for May 2020 in which the number of units closed was 716 compared to 1,096 in May 2019, with a decrease in cash sales of -46.3% compared to May 2019.
■ New Pending Sales are up +17.8% and New Listings are up +1.6%.
■ The Median Sales Price for Brevard Single Family homes is up +4.5% to $250,000 compared to a year ago, which was $239,208.
■ Months Supply of Inventory is down -10% to 2.7 months, a decrease from 3.0 months in May 2019.
■ Traditional Sales are down -34.3%, with a median sales price of $251,500.
■ Foreclosure/REO Sales are down -40.7%, with 16 sales and a median sales price of $170,500.
■ Short Sale Closings are down -100% with no closed sales in May 2020 compared to 4 closed sales in May 2019.
Recap of the Brevard County Townhouses/Condos for May 2020
■ Closed Sales are down -43.8% for May 2020 in which the number of units closed was 167 compared to 297 in May 2019, with a decrease in cash sales of -46.0% compared to May 2019.
■ New Pending Sales are down -1.1% and New Listings are down -8.8%.
■ Median Sales Price for Townhomes/Condos is down -10.2% to $168,000 compared to a year ago, which was $187,000.
■ Months Supply of Inventory is down -12.5% to 3.5 months in May 2020 from 4.0 months in May 2019.
■ Traditional Sales are down -43.8%, with a median sales price of $178,500.
■ Foreclosure/REO Sales are down -40.0%, with 3 sales and a median sales price of $105,000.
■ Short Sale Closings are unchanged at 0.0% with 0 closed sales in May 2020 compared to 0 closed sales in May 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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