BREVARD REAL ESTATE MARKET WATCH: Best Time to Sell? When Competition is at an All-Time Low

By  //  July 9, 2020

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listings in Brevard has fallen to an all-time low

While buyer activity is surging on the Space Coast, the number of listings has fallen to an all-time low. In Brevard County, the number of active listings for single-family homes was down 13 percent in May of 2020 compared to May of 2019. However, the number of pending sales was up over 17 percent for the same time period.

BREVARD COUNTY, FLORIDA – While buyer activity is surging on the Space Coast, the number of listings has fallen to an all-time low.

In Brevard County, the number of active listings for single-family homes was down 13 percent in May of 2020 compared to May of 2019. However, the number of pending sales was up over 17 percent for the same time period.

In a recent survey of home sellers by Qualtrics, 87 percent of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession.

Of the respondents, 51 percent said they are seriously worried.

That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

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The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in the U.S. last month.

NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44 percent, which far exceeded analysts’ projections of 15 percent.

ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4 percent nationwide over the same time last year.

“The Space Coast housing demand continues to be driven by record-low mortgage rates and shows no signs of rising significantly any time soon,” says 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.”

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

“My listing at 2128 Auburn Lakes Dr in Rockledge had four offers over the asking price within 48 hours of going on the market,” said Jennifer McCoy Broker/Owner of McCoy-Freeman Real Estate serving all of Florida’s Space Coast.

“Presenting multiple offers to my sellers allowed them to pick the best terms of the sale.”

Bottom Line: If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal. Contact me to discuss the best and safest way to sell your home.

ABOUT THE AUTHOR

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.

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.

For more information log on to BrevardRealtyConnection.com

TO SEE CONDO LISTINGS LOG ON TO CocoaBeachCondoGallery.com

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