BREVARD JULY REAL ESTATE REPORT: Single-Family Homes Sales Up by 22 Percent

Median Sales Price for Brevard Single Family homes is up 9.2% to $266,333

BREVARD COUNTY, FLORIDA – Existing home sales continued to rebound strongly throughout Florida in July. Closed sales of previously owned single-family homes were up almost 12 percent year-over-year, the best monthly performance we’ve seen for this property type since January’s nearly 18 percent increase.

Statewide, new pending sales of single-family homes were also up big, by about 22 percent compared to July of last year.

Coupled with the over 23 percent year-over-year increase in new pending that we saw in June, all indications are that this wave of closed sales will continue on through the end of the summer and perhaps beyond.

“This date shows our housing market continues to recover from the slowdown due to the coronavirus,” says Nikki McCoy Freeman with McCoy Freeman Real Estate serving all of Florida’s Space Coast.

“Record low-interest rates and the renewed demand for homeownership is driving sales,” says Freeman.

When rates go down, you can afford a higher-priced home but then again, so can competing buyers, so we’re definitely seeing prices getting bid upward.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.02% in July 2020, down from the 3.77% averaged during the same month a year earlier.

Recap of the Brevard County Residential Report for July 2020

■ Closed Sales are up +22.2% for July 2020 in which the number of units closed was 1,204 compared to 985 in July 2019, with an increase in cash sales of +7.4% compared to July 2019.

■ New Pending Sales are up +14.2% and New Listings are up +5.5%.

■ The Median Sales Price for Brevard Single Family homes is up +9.2% to $266,333 compared to a year ago, which was $244,000.

■ Months Supply of Inventory is down -31.0% to 2.0 months, a decrease from 2.9 months in July 2019.

■ Traditional Sales are up +21.8%, with a median sales price of $269,000.

■ Foreclosure/REO Sales are up +40.0%, with 21 sales and a median sales price of $151,000.

■ Short Sale Closings are up +100.0% with 4 closed sales and a median sales price of $132,500.

Recap of the Brevard County Townhouses/Condos for July 2020

■ Closed Sales are up +13.2% for July 2020 in which the number of units closed was 325 compared to 287 in July 2019, with an increase in cash sales of +21.3% compared to July 2019.

■ New Pending Sales are up +40.0% and New Listings are up +5.0%.

■ Median Sales Price for Townhomes/Condos is up +17.5% to $215,000 compared to a year ago, which was $183,000.

■ Months Supply of Inventory is down -21.6% to 2.9 months in July 2020 from 3.7 months in July 2019.

■ Traditional Sales are up +14.5%, with a median sales price of $215,000.

■ Foreclosure/REO Sales are down -75.0%, with 1 closed sales and a median sales price of $49,350.

■ Short Sale Closings are unchanged with 0 closed sales in July 2020 compared to 0 closed sales in July 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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