Brevard Real Estate Market Report February 2021
by Realtor Bobby Freeman
We are now one year into the COVID-19 pandemic here in the U.S., and the housing market continues to be one of the brightest spots of our economic recovery.
That’s certainly the case here in Brevard County, where the latest data from Florida Realtors shows that February was yet another very strong month for home sales.
“The Space Coast real estate momentum continues with historic low mortgage rates, high buyer demand and a lack of inventory,” says Jennifer McCoy, broker-owner with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Scarcity of inventory and high demand for existing homes continues to drive home prices higher,” says McCoy.
The median sale price for closed sales in both property type categories was up close to over 8% percent in February on a year-over-year basis, with the median price for single-family sales coming in at $274,720.
The median sales price for condos and townhomes actually fell 2.7% from this time last year to $205,000. I do not see condo prices going any lower at this point. I have been involved in too many recent condo purchases with sales prices closing for well over the asking prices. There’s too much demand for Florida condos that won’t allow for prices to decrease anytime in the near future.
At some point, rising mortgage rates are going to start slowing down this growth in prices. However, that effect may not be immediate, as many potential buyers might perceive the next few of months as a last chance to lock in at near-historically low rates. We will of course keep you posted as we move forward into this year’s spring buying season.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.75% in January 2021, significantly lower than the 3.62% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for February 2021
Closed Sales are up +22.7% for February 2021 in which the number of units closed was 853 compared to 695 in February 2020, with an increase in cash sales of +34.9%.
New Pending Sales are up +1.7% and New Listings are down -7.8%.
The Median Sales Price for Brevard Single Family homes is up +10.8% to $274,720 compared to a year ago, which was $248,000.
Months Supply of Inventory is down -57.7% to 1.1 months, a decrease from 2.6 months in February 2020.
Traditional Sales are up +26.1%, with a median sales price of $275,000.
Foreclosure/REO Sales are down -81.8%, with 4 closed sales and a median sales price of $213,000.
Short Sale Closings are up +33.3% with 4 closed sales and a median sales price of $230,400.
A quick recap of the Brevard County Townhouses/Condos for February 2021
Closed Sales are up +21.9% for February 2021 in which the number of units closed was 256 compared to 210 in February 2020, with an increase in cash sales of +49.4%.
New Pending Sales are up +22.0% and New Listings are up +6.2%.
Median Sales Price for Townhomes/Condos is down -2.7% to $205,000 compared to a year ago, which was $210,750.
Months Supply of Inventory is down -45.5% to 1.8 months in February 2021 from 3.3 months in February 2020.
Traditional Sales are up +23.7%, with a median sales price of $205,000.
Foreclosure/REO Sales are down with 0 closed sales compared to 3 closed sales in February 2020.
Short Sale Closings are unchanged with 0 closed sales in February 2021 and 0 closed sales in February 2020.
