REAL ESTATE MARKET WATCH: Buyers Taking Advantage of 3.61 Percent Interest Rates
By Bobby Freeman, Realtor // May 22, 2016
new listings are up 4.9 percent
ABOVE VIDEO: The Brevard County residential report for April 2016, compared to April 2015, shows closed sales are down 3.6 percent. The number of units closed were 881 compared to 914 in April 2015, with a decrease in cash sales by 14.2 percent compared to April 2015.
BREVARD COUNTY, FLORIDA – The Brevard County residential report for April 2016, compared to April 2015, shows closed sales are down 3.6 percent. The number of units closed were 881 compared to 914 in April 2015, with a decrease in cash sales by 14.2 percent compared to April 2015.
New pending sales are down 20.5 percent and new listings are up 4.9 percent. The median sales price for Brevard single family homes is up 16.1 percent to $179,900 compared to a year ago, which was $155,000. Months supply of inventory is up 3.4 percent at 3.0 months compared to 2.9 months in April 2015.
Traditional sales are up 11.8 percent, with a median sales price of $185,000. Foreclosure/REO sales are down 59.2 percent, with a median sales price of $112,143. Short sale closing are down 53.8 percent, with a median sales price of $83,000.
Brevard County townhouses and condos for April 2016 compared to April 2015 closed sales are up 8.4 percent for April 2016. The number of units closed were 257 compared to 237 in April 2015, with a decrease in cash sales by 6.8 percent compared to April 2015.
New pending sales are down 11.6 percent and new listings are up 13.7 percent. Median sales price for townhomes and condos stayed the same at $140,000. Months supply of inventory is down 2.3 percent to 4.2 months compared to 4.3 months in April 2015.
Traditional sales are up 21.6 percent, with a median sales price of $147,500. Foreclosure/REO sales are down 61.8 percent, with a median sales price of $69,500. Short sale closing are down 50 percent, with a median sales price of $109,000.
“Properties that are priced fair are moving quick,” says Nikki McCoy-Freeman with RE/MAX Elite’s McCoy-Freeman Group.
“Buyers are taking advantage of 30-year interest rates that are averaging 3.61 percent,” says McCoy-Freeman.
Florida’s overall housing market reported increased new listings, rising median prices, fewer days to a contract and fewer cash closed sales in April, according to the latest housing data released by Florida Realtors.
With inventory still constrained, statewide closed sales eased last month. Single-family home sales totaled 24,144, down 0.6 percent from April 2015.
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