REAL ESTATE REPORT: Median Sales Price for Brevard Single-Family Homes Up 10.8% to $267,000
By Bobby Freeman, Realtor // February 28, 2021
Brevard Median Sales Price for Townhomes/Condos is up 32.4% to $225,000
BREVARD COUNTY, FLORIDA – Florida’s Space Coast housing market continued to show momentum in January even with the ongoing pandemic, with more closed sales, rising median prices, more new pending sales and increased pending inventory compared to a year ago.
Available properties for sale in Brevard dropped 40.2% for single-family homes and 51.3% for condos/townhomes in January.
“Our low inventory and very high buyer demand continue to put pressure on Brevard home prices,” said Jennifer McCoy of McCoy Freeman Real Estate. which serves all of Florida’s Space Coast.
“Seventeen percent year-over-year growth in single-family sales and over 13% growth in condo and townhouse sales is way above our historical average and we will likely remain well above our historical average for most, if not all, of 2021.”
The primary reason for that is that mortgage rates will continue to remain quite low for the duration of the year.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.75% in January 2021, significantly lower than the 3.62% average during the same month a year earlier.
Recap of the Brevard County Residential Report for January 2021:
■ Closed Sales are up +17.2% for January 2021 in which the number of units closed was 702 compared to 599 in January 2020, with a decrease in cash sales of -5.5%.
■ New Pending Sales are up +13.7% and New Listings are down -8.2%.
■ The Median Sales Price for Brevard Single Family homes is up +10.8% to $267,000 compared to a year ago, which was $240,982.
■ Months Supply of Inventory is down -53.8% to 1.2 months, a decrease from 2.6 months in January 2020.
■ Traditional Sales are up +20.0%, with a median sales price of $267,044.
■ Foreclosure/REO Sales are down -78.9%, with 4 closed sales and a median sales price of $242,500.
■ Short Sale Closings are up with 3 closed sales and a median sales price of $199,900 compared to 1 closed sales in January 2020.
Recap of the Brevard County Townhouses/Condos for January 2021:
■ Closed Sales are up +13.7% for January 2021 in which the number of units closed was 199 compared to 175 in January 2020, with an increase in cash sales of +3.4% compared to January 2021.
■ New Pending Sales are up +17.6% and New Listings are down -11.7%.
■ Median Sales Price for Townhomes/Condos is up +32.4% to $225,000 compared to a year ago, which was $170,000.
■ Months Supply of Inventory is down -41.2% to 2.0 months in January 2021 from 3.4 months in January 2020.
■ Traditional Sales are up +13.1%, with a median sales price of $22.
■ Foreclosure/REO Sales are up with 1 closed sale at $580,000 compared to 0 closed sales in January 2020.
■ Short Sale Closings are unchanged with 0 closed sales in January 2021 and 0 closed sales in January 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.
For more information log on to BrevardRealtyConnection.com
TO SEE CONDO LISTINGS LOG ON TO CocoaBeachCondoGallery.com
CLICK HERE FOR BREVARD COUNTY NEWS