Florida and Brevard August 2020 Market Report
by Realtor Bobby Freeman
Florida’s housing market reported more closed sales, more new pending sales, higher median prices, and more new listings in August compared to a year ago despite the ongoing pandemic, according to Florida Realtors® latest housing data. Single-family existing homes sales rose 8.8% compared to August 2019.
“The Space Coast housing market continues to gain momentum as homeownership has become more important than ever over the past few months,” says Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“As we dealt with stay-at-home orders, working from home remote education and more, Realtors are available to help guide buyers and sellers through today’s challenging market conditions,” says McCoy.
Last month’s closed sales of single-family homes statewide rose 8.8% year-over-year, totaling 29,495, while existing condo-townhouse sales increased 10.3% over August 2019 and totaled 11,100. 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 2.94% in August 2020, down from the 3.62% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for August 2020
Closed Sales are up +5.1% for August 2020 in which the number of units closed was 991 compared to 943 in August 2019, with a decrease in cash sales of -8.1% compared to August 2019.
New Pending Sales are up +22.1% and New Listings are down -3.5%.
The Median Sales Price for Brevard Single Family homes is up +14.7% to $268,500 compared to a year ago, which was $234,000.
Months Supply of Inventory is down -35.7% to 1.8 months, a decrease from 2.8 months in August 2019.
Traditional Sales are up +6.0%, with a median sales price of $269,900.
Foreclosure/REO Sales are down -29.4%, with 12 sales and a median sales price of $166,500.
Short Sale Closings are down -50.0% with 2 closed sales and a median sales price of $400,000.
A quick recap of the Brevard County Townhouses/Condos for August 2020
Closed Sales are up +2.7% for August 2020 in which the number of units closed was 270 compared to 263 in August 2019, with a decrease in cash sales of -8.2% compared to August 2019.
New Pending Sales are up +24.5% and New Listings are up +14.8%.
Median Sales Price for Townhomes/Condos is up +20.4% to $222,750 compared to a year ago, which was $185,000.
Months Supply of Inventory is down -22.9% to 2.7 months in August 2020 from 3.5 months in August 2019.
Traditional Sales are up +3.5%, with a median sales price of $223,000.
Foreclosure/REO Sales are down -100.0%, with 0 closed sales compared to 2 closed sales in August 2019.
Short Sale Closings are unchanged with 1 closed sales in August 2020 compared to 1 closed sale in August 2019, and a median sales price of $92,000.
