Florida Space Coast Real Estate Market Report for December 2018
by Realtor Bobby Freeman
Florida’s housing market reported higher median prices and increased inventory (active listings) in December compared to a year ago, according to the latest housing data released by Florida Realtors®.
However, buyer uncertainty from rising mortgage rates and the federal government’s shutdown may have impacted home sales, which were lower than the level of sales a year ago. Sales of single-family homes statewide totaled 20,633 last month, down 9.9 percent compared to December 2017.
“Interest rates played a small role in the lower number of closings, not only in Florida but across the nation,” says Jennifer McCoy, Broker-Associate with REMAX Elite’s McCoy-Freeman Group serving Florida’s Space Coast. “Inventory is up in Brevard County giving buyers more options,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.64 percent in December 2018, up from the 3.95 percent averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for December 2018
Closed Sales are down -10.4% for December 2018 in which the number of units closed was 749 compared to 836 in December 2017, with a decrease in cash sales of -8.8% compared to December 2017.
New Pending Sales are down -6.7% and New Listings are up 0.7%.
The Median Sales Price for Brevard Single Family homes is up 0.5% to $229,000 compared to a year ago, which was $227,789.
Months Supply of Inventory is up 25.9% to 3.4 months, an increase from 2.7 months in 2017.
Traditional Sales are down -11.8%, with a median sales price of $235,000.
Foreclosure/REO Sales are up 38.5%, with a median sales price of $138,750.
Short Sale Closings are down -40%, with a median sales price of $160,250.
A quick recap of the Brevard County Townhouses/Condos for December 2018
Closed Sales are down -10.7% for December 2018 in which the number of units closed was 192 compared to 215 in December 2017, with a decrease in cash sales of -17% compared to December 2017.
New Pending Sales are down -21.4% and New Listings are down -4.1%.
Median Sales Price for Townhomes/Condos is up 5.7% to $185,000 compared to a year ago, which was $175,000.
Months Supply of Inventory increased to 3.8 months in December 2018 from 3.3 months in December 2017.
Traditional Sales are down -8.7%, with a median sales price of $185,000.
Foreclosure/REO Sales were down -55.6% with a median sales price of $250,125.
There were no Short Sale Closings in December 2017 or December 2018.