Brevard County Florida Real Estate Market Report
Florida Realtors: Single-Family Sales Rise 6.1% in Nov
Statewide median price for single-family homes rose 3.9% to $265K; condo-townhouse median price up 5.4% to $195K.
Florida’s housing market reported more single-family home sales and higher median prices, as well as increased pending sales and pending inventory in November 2019 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 21,842 last month, up 6.1% from November 2018.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.70% in November 2019, down from the 4.87% averaged during the same month a year earlier.
According to Florida Realtors Chief Economist Dr. Brad O’Connor, Florida’s housing market is feeling the pressure of a lack of housing supply. The latest data shows that the number of existing homes listed for sale in Florida continued to decline on a year-over-year basis in November, he said.
A quick recap of the Brevard County Residential Report for December 2019
Closed Sales are up +19.2% for December 2019 in which the number of units closed was 893 compared to 749 in December 2018, with a decrease in cash sales of -4.5% compared to December 2018.
New Pending Sales are up +12.4% and New Listings are up +7.1%.
The Median Sales Price for Brevard Single Family homes is up +8.3% to $248,000 compared to a year ago, which was $229,000.
Months Supply of Inventory is down -23.5% to 2.6 months, a decrease from 3.4 months in December 2018.
Traditional Sales are up +22.8%, with a median sales price of $249,000.
Foreclosure/REO Sales are down -41.7%, with 21 sales and a median sales price of $158,000.
Short Sale Closings are down -100.0% with 0 closed sales in December 2019 compared to 3 sales in December 2018.
A quick recap of the Brevard County Townhouses/Condos for December 2019
Closed Sales are up +31.3% for December 2019 in which the number of units closed was 252 compared to 192 in December 2018, with an increase in cash sales of +1.1% compared to November 2018.
New Pending Sales are up +15.2% and New Listings are up +8.5%.
Median Sales Price for Townhomes/Condos is up +3.7% to $191,850 compared to a year ago, which was $185,000.
Months Supply of Inventory is down -15.8% to 3.2 months in December 2019 from 3.8 months in December 2018.
Traditional Sales are up +33.0%, with a median sales price of $194,350.
Foreclosure/REO Sales are down -50.0%, with 2 sales and a median sales price of $78,075.
Short Sale Closings are unchanged with 0 closed sales in December 2019 compared to 0 closed sales in December 2018.