February 2019 Real Estate Market Report by Realtor Bobby Freeman
Florida’s housing market reported higher median prices and increased inventory (active listings) in February compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 18,966 last month, up 1.9 percent compared to February 2018.
In February, statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year for the 86th consecutive month. The statewide median sales price for single-family existing homes was $250,000, up 1.3 percent from the previous year, according to data from Florida Realtors Research Department
“The median time to contract in Brevard is up 46.2% at 57 days compared to this time last year,” says Jennifer McCoy, Broker-Associate for REMAX Elite’s McCoy-Freeman Group. “Also, active inventory is up which is giving buyers more homes to pick from,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.37 percent in February 2019, compared to the 4.33 percent averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for February 2019
Closed Sales are down -4% for February 2019 in which the number of units closed was 666 compared to 694 in 2018, with a decrease in cash sales of -7.3% compared to February 2018.
New Pending Sales are up 2.1% and New Listings are up 2.3%.
The Median Sales Price for Brevard Single Family homes saw no change and was $230,000 in 2018 and 2019.
Months Supply of Inventory is up 33.3% to 3.6 months, an increase from 2.7 months in February 2018.
Traditional Sales are down -4.8%, with a median sales price of $231,000.
Foreclosure/REO Sales are up 26.3% with 24 sales and a median sales price of $204,250.
Short Sale Closings are down -25%, with 3 sales and a median sales price of $335,000.
A quick recap of the Brevard County Townhouses/Condos for February 2019
Closed Sales are down -5.8% for February 2019 in which the number of units closed was 212 compared to 225 in 2018, with a decrease in cash sales of -21.7% compared to February 2018.
New Pending Sales are down -13.3% and New Listings are down -9.6%.
Median Sales Price for Townhomes/Condos is up 10.9% to $173,500 compared to a year ago, which was $156,500.
Months Supply of Inventory is up 13.5% to 4.2 months in February 2019 from 3.7 months in February 2018.
Traditional Sales are down -4.6%, with a median sales price of $173,000.
Foreclosure/REO Sales are down -25% with 3 sales and a median sales price of $240,000.
Short Sale Closings are down -100% with no sales in February 2019.