Florida and Space Coast 2020 May Real Estate Market Report
Florida Realtors housing market statistics for May 2020 have just been released, and they show several signs of a recovery from the titanic economic shock that was the onset of the COVID-19 pandemic in the U.S.
Statewide, the most significant evidence we have of a rebound are the year-over-year changes we see for new pending sales in May. In the single-family home category, we actually experienced a 2.3 percent *increase* in the number of homes going under contract compared to May of last year. This is in significant contrast to what we saw in April, when new pending sales were *down* by 35 percent.
Turning now to home values, there’s more good news in that the sale prices for the home sales that closed in May remained stable. The single-family median sale price was up by 1-and-a-half percent versus last year, rising to $270,000. Likewise, the condo-townhouse median sale price increased as well, rising by 3.3% up just over $200,000.
“The Space Coast housing demand continues to be driven by record-low mortgage rates and shows no signs of rising significantly any time soon,” says Jennifer McCoy, Broker/Owner for McCoy-Freeman Real Estate serving all of Florida’s Space Coast.
“I believe June could be a very strong month for sales given the high levels of pent-up demand that has likely been released in recent weeks,” says McCoy.
A quick recap of the Brevard County Residential Report for May 2020
Closed Sales are down -34.7% for May 2020 in which the number of units closed was 716 compared to 1,096 in May 2019, with a decrease in cash sales of -46.3% compared to May 2019.
New Pending Sales are up +17.8% and New Listings are up +1.6%.
The Median Sales Price for Brevard Single Family homes is up +4.5% to $250,000 compared to a year ago, which was $239,208.
Months Supply of Inventory is down -10% to 2.7 months, a decrease from 3.0 months in May 2019.
Traditional Sales are down -34.3%, with a median sales price of $251,500.
Foreclosure/REO Sales are down -40.7%, with 16 sales and a median sales price of $170,500.
Short Sale Closings are down -100% with no closed sales in May 2020 compared to 4 closed sales in May 2019.
A quick recap of the Brevard County Townhouses/Condos for May 2020
Closed Sales are down -43.8% for May 2020 in which the number of units closed was 167 compared to 297 in May 2019, with a decrease in cash sales of -46.0% compared to May 2019.
New Pending Sales are down -1.1% and New Listings are down -8.8%.
Median Sales Price for Townhomes/Condos is down -10.2% to $168,000 compared to a year ago, which was $187,000.
Months Supply of Inventory is down -12.5% to 3.5 months in May 2020 from 4.0 months in May 2019.
Traditional Sales are down -43.8%, with a median sales price of $178,500.
Foreclosure/REO Sales are down -40.0%, with 3 sales and a median sales price of $105,000.
Short Sale Closings are unchanged at 0.0% with 0 closed sales in May 2020 compared to 0 closed sales in May 2019.
Brevard County Florida May 2020 Single-Family Homes