MARKET WATCH: Median Sales Price for Brevard Single Family Homes Up 1.5% to $229,750

Median Sales Price for Townhomes/Condos is up 10.8% to $175,000 compared to a year ago

The median sales price for Brevard Single Family homes is up 1.5% to $229,750 compared to a year ago, which was $226,323. “I’m seeing more buyers taking advantage of low interest rates especially first time home buyers,” said Jennifer McCoy, Broker-Associate with REMAX Elite’s McCoy-Freeman Group serving Florida’s Space Coast. “Our inventory is up compared to last year giving buyers more homes to pick from,” says McCoy.

BREVARD COUNTY, FLORIDA – The median sales price for Brevard County single-family homes is up 1.5% to $229,750 compared to a year ago, which was $226,323.

“I’m seeing more buyers taking advantage of low interest rates especially first time home buyers,” said Jennifer McCoy, Broker-Associate with REMAX Elite’s McCoy-Freeman Group serving Florida’s Space Coast.

“Our inventory is up compared to last year giving buyers more homes to pick from,” says McCoy.

Florida’s housing market reported higher median prices and rising inventory during the first quarter of 2019, according to the latest housing data released by Florida Realtors.

Rising prices continue to put pressure on many homebuyers despite gains in the inventory of for-sale homes.

Across Florida, closed sales of single-family homes statewide totaled 59,505 in 1Q 2019, down 1.2 percent from the 1Q 2018 level.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.37 percent for 1Q 2019, up from the 4.27 percent average recorded during the same quarter a year earlier.

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Recap of the Brevard County Residential Report for Q1 2019

• Closed Sales are down -4.7% for Q1 2019 in which the number of units closed was 2,088 compared to 2,192 in 2018, with a decrease in cash sales of -7.2% compared to Q1 2018.

• New Pending Sales are up 2.2% and New Listings are down -1.9%.

• The Median Sales Price for Brevard Single Family homes is up 1.5% to $229,750 compared to a year ago, which was $226,323.

• Months Supply of Inventory is up 21.4% to 3.4 months, an increase from 2.8 months in Q1 2018.

• Traditional Sales are down -5%, with a median sales price of $230,000.

• Foreclosure/REO Sales are up 16.7% with 63 sales and a median sales price of $165,000.

• Short Sale Closings are down -50%, with 6 sales and a median sales price of $199,100.

Closed Sales are down -4.7% for Q1 2019 in which the number of units closed was 2,088 compared to 2,192 in 2018, with a decrease in cash sales of -7.2% compared to Q1 2018.

Recap of the Brevard County Townhouses/Condos for Q1 2019

• Closed Sales are down -10.7% for Q1 2019 in which the number of units closed was 633 compared to 709 in 2018, with a decrease in cash sales of -17.4% compared to Q1 2018.

• New Pending Sales are down -11.5% and New Listings are down -6.8%.

• Median Sales Price for Townhomes/Condos is up 10.8% to $175,000 compared to a year ago, which was $158,000.

• Months Supply of Inventory is up 17.1% to 4.1 months in Q1 2019 from 3.5 months in Q1 2018.

• Traditional Sales are down -10.2%, with a median sales price of $176,500.

• Foreclosure/REO Sales are down -20% with 8 sales and a median sales price of $136,000.

• Short Sale Closings are down -75% with one sale and a median sales price of $120,000.

Median Sales Price for Townhomes/Condos is up 10.8% to $175,000 compared to a year ago, which was $158,000.

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ABOUT THE AUTHOR

Bobby Freeman

Bobby Freeman

Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for 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 including the prestigious RE/MAX Hall of Fame Award.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $300 million.

Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, 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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