REAL ESTATE REPORT: Space Coast Housing Market Sales Up, Median Sales Price Up 16 Percent Over Last Year
By Bobby Freeman, Realtor // June 24, 2021
single family home Sales are up 39.2% for May 2021
BREVARD COUNTY, FLORIDA – Florida’s Space Coast housing market continued to report more closed sales, higher median prices, more new listings, and increased pending inventory compared to a year ago.
Note that this month’s May 2020 comparison data reflects the state lockdown and economic uncertainty that occurred last spring during the coronavirus pandemic.
“Brevard’s housing market continued to show very strong gains in all categories compared to this time last year,” says Jennifer McCoy with McCoy Freeman Real Estate.
“I continue to place many out-of-state buyers into their new Florida home and most of these buyers are paying all cash,” says McCoy.
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In fact, 276 buyers paid all cash compared to123 buyers this time last year for single-family homes, an increase of 124.4% in Brevard.
Closed sales of single-family homes statewide in May totaled 30,985, up 57.9% year-over-year, while existing condo-townhouse sales totaled 15,491, up 155.2% over May 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.96% in May 2021, down from the 3.23% average during the same month a year earlier.
Recap of the Brevard County Single-Family Report for May 2021
■ Closed Sales are up +39.2% for May 2021 in which the number of units closed was 997 compared to 716 in May 2020, with an increase in cash sales of +124.4%.
■ New Pending Sales are down -7.6% and New Listings are down -2.1%.
■ The Median Sales Price for Brevard Single Family homes is up +16.0% to $290,000 compared to a year ago, which was $250,000.
■ Months Supply of Inventory is down -70.4% to 0.8 months, a decrease from 2.7 months in May 2020.
■ Traditional Sales are up +42.0%, with a median sales price of $290,000.
■ Foreclosure/REO Sales are down -81.3%, with 3 closed sales and a median sales price of $212,000.
■ Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 Closed Sales in May 2020.
Recap of the Brevard County Townhouses & Condos Report for May 2021
■ Closed Sales are up +70.7% for May 2021 in which the number of units closed was 285 compared to 167 in May 2020, with an increase in cash sales of +93.2%.
■ New Pending Sales are up +27.2% and New Listings are down -7.0%.
■ Median Sales Price for Townhouses & Condos is up +36.9% to $230,000 compared to a year ago, which was $168,000.
■ Months Supply of Inventory is down -71.4% to 1.0 months in May 2021 from 3.5 months in May 2020.
■ Traditional Sales are up +73.2%, with a median sales price of $230,000.
■ Foreclosure/REO Sales are down -66.7%, with 1 closed sales and a median sales price of $163,000.
■ Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 closed sales in May 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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