BREVARD REAL ESTATE REPORT: Second Quarter Shows Signs of Recovery Despite COVID-19 Pandemic
By Bobby Freeman, Realtor // August 20, 2020
interest rate for a 30-year fixed-rate mortgage averaged 3.16% in June 2020
BREVARD COUNTY, FLORIDA – Brevard’s housing market in the second quarter of 2020 showed positive signs of recovery despite the continuing coronavirus pandemic, with more new pending sales, more pending inventory, and higher median sales prices compared to a year ago.
“Our homes have become more important than ever, especially over the past few months,” said Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Families are navigating on how to work remotely, attending online classes and many other daily activities all under the same roof. Several factors are playing into this renewed demand for housing, but by far, the most important factors are record-low mortgage interest rates.”
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.16% in June 2020, down from the 3.80% averaged during the same month a year earlier.
Recap of the Brevard County Residential Report for Q2 2020
■ Closed Sales are down -16.1% for Q2 2020 in which the number of units closed was 2,533 compared to 3,018 in Q2 2019, with a decrease in cash sales of -35.0% compared to Q2 2019.
■ New Pending Sales are up +2.5% and New Listings are down -6.0%.
■ The Median Sales Price for Brevard Single Family homes is up +5.7% to $255,000 compared to a year ago, which was $241,250.
■ Months Supply of Inventory is down -27.6% to 2.1 months, a decrease from 2.9 months in Q2 2019.
■ Traditional Sales are down -15.4%, with a median sales price of $256,690.
■ Foreclosure/REO Sales are down -41.8%, with 39 sales and a median sales price of $159,950.
■ Short Sale Closings are down -37.5% with 5 closed sale, and a median sales price of $158,000.
Recap of the Brevard County Townhouses/Condos for Q2 2020
Closed Sales are down -26.3% for Q2 2020 in which the number of units closed was 584 compared to 792 in Q2 2019, with a decrease in cash sales of -27.2% compared to Q2 2019.
■ New Pending Sales are down -10.6% and New Listings are down -21.7%.
■ Median Sales Price for Townhomes/Condos is up +7.3% to $203,000 compared to a year ago, which was $189,125.
■ Months Supply of Inventory is down -20.5% to 3.1 months in Q2 2020 from 3.9 months in Q2 2019.
■ Traditional Sales are down -26.0%, with a median sales price of $205,000.
■ Foreclosure/REO Sales are down -40.0%, with 6 closed sales and a median sales price of $105,000.
■ Short Sale Closings are down -100.0% with 0 closed sales in Q2 2020 compared to 1 closed sale in Q2 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.
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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