Brevard County Residential Report for Q2 2020
Brevard’s housing market in the 2nd Quarter of 2020 showed positive signs of recovery despite the continuing coronavirus pandemic, with more new pending sales, more pending inventory, and higher median sales prices compared to a year ago.
“Our homes have become more important than ever, especially over the past few months,” says Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Families are navigating on how to work remotely, attending online classes, and many other daily activities all under the same roof. Several factors are playing into this renewed demand for housing, but by far, the most important factors are record-low mortgage interest rates” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.16% in June 2020, down from the 3.80% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for Q2 2020
Closed Sales are down -16.1% for Q2 2020 in which the number of units closed was 2,533 compared to 3,018 in Q2 2019, with a decrease in cash sales of -35.0% compared to Q2 2019.
New Pending Sales are up +2.5% and New Listings are down -6.0%.
The Median Sales Price for Brevard Single Family homes is up +5.7% to $255,000 compared to a year ago, which was $241,250.
Months Supply of Inventory is down -27.6% to 2.1 months, a decrease from 2.9 months in Q2 2019.
Traditional Sales are down -15.4%, with a median sales price of $256,690.
Foreclosure/REO Sales are down -41.8%, with 39 sales and a median sales price of $159,950.
Short Sale Closings are down -37.5% with 5 closed sale, and a median sales price of $158,000.
A quick recap of the Brevard County Townhouses/Condos for Q2 2020
Closed Sales are down -26.3% for Q2 2020 in which the number of units closed was 584 compared to 792 in Q2 2019, with a decrease in cash sales of -27.2% compared to Q2 2019.
New Pending Sales are down -10.6% and New Listings are down -21.7%.
Median Sales Price for Townhomes/Condos is up +7.3% to $203,000 compared to a year ago, which was $189,125.
Months Supply of Inventory is down -20.5% to 3.1 months in Q2 2020 from 3.9 months in Q2 2019.
Traditional Sales are down -26.0%, with a median sales price of $205,000.
Foreclosure/REO Sales are down -40.0%, with 6 closed sales and a median sales price of $105,000.
Short Sale Closings are down -100.0% with 0 closed sales in Q2 2020 compared to 1 closed sale in Q2 2020.