Brevard County Florida Real Estate Market Report November 2020

by Realtor Bobby Freeman

In November, Brevard County’s housing market reported more closed sales, more new pending sales, higher median prices, and more new listings compared to a year ago, despite the ongoing pandemic. Single-family existing-home sales rose 10.8% compared to a year ago.

At the end of November, inventory of single-family homes in Brevard County was sitting at a multi-year low, close to 43 percent below where it was at the same point in time last year.

“The strong and persistent level of demand we’ve seen throughout the county coupled with the worsening inventory shortages continued to drive up home values in November,”  says Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.

“With high demand, the Space Coast housing market continues to gain momentum,” says McCoy.

In Brevard County, median sales price for single-family existing homes was $236,000, up 21% from the previous year.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.77% in November 2020, significantly lower than the 3.70% averaged during the same month a year earlier.

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

Closed Sales are up +10.8% for November 2020 in which the number of units closed was 892 compared to 805 in November 2019, with an increase in cash sales of +10.0% compared to November 2019.

New Pending Sales are up +10.1% and New Listings are down -7.4%.

The Median Sales Price for Brevard Single Family homes is up +14.6% to $275,000 compared to a year ago, which was $240,000.

Months Supply of Inventory is down -46.4% to 1.5 months, a decrease from 2.8 months in November 2019.

Traditional Sales are up +12.1%, with a median sales price of $275,000.

Foreclosure/REO Sales are down -65.0%, with 7 sales and a median sales price of $270,000.

Short Sale Closings are up with 5 closed sales and a median sales price of $197,000 in November 2020 compared to 0 closed sales in November 2019.

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

Closed Sales are up +15.2% for November 2020 in which the number of units closed was 242 compared to 210 in November 2019, with an increase in cash sales of +23.5% compared to November 2019.

New Pending Sales are down -1.2% and New Listings are up +3.9%.

Median Sales Price for Townhomes/Condos is up +21.0% to $236,000 compared to a year ago, which was $195,000.

Months Supply of Inventory is down -29.4% to 2.4 months in November 2020 from 3.4 months in November 2019.

Traditional Sales are up +16.4%, with a median sales price of $237,000.

Foreclosure/REO Sales are down -66.7%, with 1 closed sale compared to 3 closed sales in November 2019.

Short Sale Closings are unchanged with 0 closed sales in November 2020 and 0 closed sales in November 2019.

 

Brevard County Condo & Town Homes November 2020

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