BREVARD REAL ESTATE: Closed Sales Continue to Surge, Median Sales Price for Single-Family Home Now $323,333

mortgage rates have been relatively flat in recent months

BREVARD COUNTY, FLORIDA – The home selling frenzy continued on Florida’s Space Coast in November, with closed sales of existing homes and condos up year-over-year — as well as exceeding pre-pandemic levels. And new listings aren’t down — they’re just flying off the market.

The median sales price for single-family home sales increased by 17.6% at $323,333 compared to November 2020 of $275,000. The median time to contract is now 11 days meaning Space Coast homes are selling faster than last year.

Home prices generally have continued to increase as mortgage rates have been relatively flat in recent months.

However, the Federal Reserve’s shift to a more hawkish policy in terms of combating inflation is expected to start pushing rates higher in the coming months, which should cause home price growth to moderate.

“I have some buyers that postponed their searches, assuming prices would drop,” said Jennifer McCoy with McCoy Freeman Real Estate that serves all of Florida’s Space Coast. “But now homes they once considered are financially out of their reach.”

A quick recap of the Brevard County Residential Report for November 2021

■ Closed Sales are up +7.3% for November 2021 in which the number of units closed was 991 compared to 924 in November 2020, with an increase in cash sales of 35.7%.

■ New Pending Sales are up +9.1% and New Listings are up +5.8%.

■ The Median Sales Price for Brevard Single Family homes is up +17.6% to $323,333 compared to a year ago, which was $275,000.

■ Months Supply of Inventory is down -40.0% to 0.9 months, a decrease from 1.5 months in November 2020.

■ Traditional Sales are up +7.4% with a median sales price of $324,900.

■ Foreclosure/REO Sales are up +28.6% with 9 closed sales and a median sales price of $188,000.

■ Short Sale Closings are down -75.0% with 1 closed sale and a median sales price of $430,000.

A quick recap of the Brevard County Townhouses/Condos for November 2021:

■ Closed Sales are up +4.9% for November 2021 in which the number of units closed was 259 compared to 247 in November 2020, with an increase in cash sales of +27.9%.

■ New Pending Sales are up +15.5% and New Listings are down -11.9%.

■ Median Sales Price for Townhomes/Condos is up +2.5% to $240,800 compared to a year ago, which was $235,000.

■ Months Supply of Inventory is down -48.0% to 1.3 months in November 2021 from 2.5 months in November 2020.

■ Traditional Sales are up +4.5% with a median sales price of $242,000.

■ Foreclosure/REO Sales are up 100% with a median sales price of $217,500.

■ Short Sale Closings are N/A with 0 closed sales in November 2021 and 0 closed sales in November 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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