REAL ESTATE REPORT: Median Sales Price for Brevard Single-Family Homes Up 14.6% to $275,000

Brevard Median Sales Price for Townhomes/Condos is up +21.0% to $236,000

BREVARD COUNTY, FLORIDA – In November, Brevard County’s housing market reported more closed sales, more new pending sales, higher median prices and more new listings compared to a year ago, despite the ongoing pandemic.

Single-family existing-home sales rose 10.8 percent compared to a year ago

At the end of November, inventory of single-family homes in Brevard County was sitting at a multi-year low, close to 43 percent below where it was at the same point in time last year.

“The strong and persistent level of demand we’ve seen throughout the county coupled with the worsening inventory shortages continued to drive up home values in November,” said Jennifer McCoy.

“With high demand, the Space Coast housing market continues to gain momentum.”

In Brevard County, the median sales price for single-family existing homes was $236,000, up 21% from the previous year.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.77% in November 2020, significantly lower than the 3.70% averaged during the same month a year earlier.

Recap of the Brevard County Residential Report for November 2020:

■ Closed Sales are up +10.8% for November 2020 in which the number of units closed was 892 compared to 805 in November 2019, with an increase in cash sales of +10.0% compared to November 2019.

■ New Pending Sales are up +10.1% and New Listings are down -7.4%.

■ The Median Sales Price for Brevard Single Family homes is up +14.6% to $275,000 compared to a year ago, which was $240,000.

■ Months Supply of Inventory is down -46.4% to 1.5 months, a decrease from 2.8 months in November 2019.

■ Traditional Sales are up +12.1%, with a median sales price of $275,000.

■ Foreclosure/REO Sales are down -65.0%, with 7 sales and a median sales price of $270,000.

■ Short Sale Closings are up with 5 closed sales and a median sales price of $197,000 in November 2020 compared to 0 closed sales in November 2019.

Recap of the Brevard County Townhouses/Condos for November 2020:

■ Closed Sales are up +15.2% for November 2020 in which the number of units closed was 242 compared to 210 in November 2019, with an increase in cash sales of +23.5% compared to November 2019.

■ New Pending Sales are down -1.2% and New Listings are up +3.9%.

■ Median Sales Price for Townhomes/Condos is up +21.0% to $236,000 compared to a year ago, which was $195,000.

■ Months Supply of Inventory is down -29.4% to 2.4 months in November 2020 from 3.4 months in November 2019.

■ Traditional Sales are up +16.4%, with a median sales price of $237,000.

■ Foreclosure/REO Sales are down -66.7%, with 1 closed sale compared to 3 closed sales in November 2019.

■ Short Sale Closings are unchanged with 0 closed sales in November 2020 and 0 closed sales in November 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.

For more information log on to BrevardRealtyConnection.com

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