Brevard’s Housing Market for May 2021is Strong, Shows 2020 COVID-19 Impact
Space Coast Realtors’ data: May had more closed sales, more new listings, and higher median prices (up 39.2% for single-family homes, 70.7% for condos) than a year ago.
BREVARD COUNTY – Florida’s Space Coast housing market continued to report more closed sales, higher median prices, more new listings, and increased pending inventory compared to a year ago. Note that this month’s May 2020 comparison data reflects the state lockdown and economic uncertainty that occurred last spring during the coronavirus pandemic.
“Brevard’s housing market continued to show very strong gains in all categories compared to this time last year,” says Jennifer McCoy with McCoy Freeman Real Estate.
“I continue to place many out-of-state buyers into their new Florida home and most of these buyers are paying all cash,” says McCoy
In fact, 276 buyers paid all cash compared to123 buyers this time last year for single-family homes, an increase of 124.4% in Brevard.
Closed sales of single-family homes statewide in May totaled 30,985, up 57.9% year-over-year, while existing condo-townhouse sales totaled 15,491, up 155.2% over May 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.96% in May 2021, down from the 3.23% averaged during the same month a year earlier.
A quick recap of the Brevard County Single-Family Report for May 2021
Closed Sales are up +39.2% for May 2021 in which the number of units closed was 997 compared to 716 in May 2020, with an increase in cash sales of +124.4%.
New Pending Sales are down -7.6% and New Listings are down -2.1%.
The Median Sales Price for Brevard Single Family homes is up +16.0% to $290,000 compared to a year ago, which was $250,000.
Months Supply of Inventory is down -70.4% to 0.8 months, a decrease from 2.7 months in May 2020.
Traditional Sales are up +42.0%, with a median sales price of $290,000.
Foreclosure/REO Sales are down -81.3%, with 3 closed sales and a median sales price of $212,000.
Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 Closed sales in May 2020.
A quick recap of the Brevard County Townhouses & Condos Report for May 2021
Closed Sales are up +70.7% for May 2021 in which the number of units closed was 285 compared to 167 in May 2020, with an increase in cash sales of +93.2%.
New Pending Sales are up +27.2% and New Listings are down -7.0%.
Median Sales Price for Townhouses & Condos is up +36.9% to $230,000 compared to a year ago, which was $168,000.
Months Supply of Inventory is down -71.4% to 1.0 months in May 2021 from 3.5 months in May 2020.
Traditional Sales are up +73.2%, with a median sales price of $230,000.
Foreclosure/REO Sales are down -66.7%, with 1 closed sales and a median sales price of $163,000.
Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 closed sales in May 2020.