February 2020 Florida and Brevard Real Estate Market Report

by Realtor Bobby Freeman

Florida’s housing market reported more closed sales, higher median prices, more pending sales and higher pending inventory in February 2020 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 20,693 last month, up 9.1% from February 2019.

Looking at Florida’s condo-townhouse market in February, statewide closed sales totaled 8,842, up 10.8% from the level a year ago.

“Data shows that Florida’s housing market experienced another solid month of growth in February,” says Jennifer McCoy, Broker/Owner of McCoy-Freeman Real Estate serving Florida’s Space Coast.

“The historically low mortgage interest rates continue to serve as the principal driver of growth in the housing market last month,” says McCoy.

A quick recap of the Brevard County Residential Report for February 2020

Closed Sales are up +4.4% for January 2020 in which the number of units closed was 695 compared to 666 in February 2019, with a decrease in cash sales of -18.4% compared to February 2019.

New Pending Sales are up +16.2% and New Listings are up +4.7%.

The Median Sales Price for Brevard Single Family homes is up +7.8% to $248,000 compared to a year ago, which was $230,000.

Months Supply of Inventory is down -27.8% to 2.6 months, a decrease from 3.6 months in February 2019.

Traditional Sales are up +4.9%, with a median sales price of $250,000.

Foreclosure/REO Sales are down -8.3%, with 22 sales and a median sales price of $162,550.

Short Sale Closings are unchanged 0% with 3 closed sales in February 2020 compared to 3 closed sales in February 2019.

A quick recap of the Brevard County Townhouses/Condos for February 2020

Closed Sales are down -0.9% for February 2020 in which the number of units closed was 210 compared to 212 in February 2019, with a decrease in cash sales of -17.6% compared to February 2019.

New Pending Sales are up +4.8% and New Listings are down -5.8%.

Median Sales Price for Townhomes/Condos is up +21.5% to $210,750 compared to a year ago, which was $173,500.

Months Supply of Inventory is down -21.4% to 3.3 months in February 2020 from 4.2 months in February 2019.

Traditional Sales are down -1.0%, with a median sales price of $212,500.

Foreclosure/REO Sales are unchanged 0%, with 3 sales and a median sales price of $72,100.

Short Sale Closings are unchanged 0.0% with 0 closed sales in February 2020 compared to 0 closed sales in February 2020.

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