Florida Space Coast Real Estate Market Report
Despite the ongoing pandemic and a still struggling jobs outlook, Brevard County’s housing market in December showed more closed sales, more new pending sales, higher median prices, and more new listings compared to a year ago. Single-family existing-home sales rose 15.8% compared to a year ago.
“The strength and resilience of the Space Coast housing market continues to be remarkable,” says Jennifer McCoy of McCoy-Freeman Real Estate serving all of Florida’s Space Coast.
“Most of my recent sales have been to out-of-the-area buyers looking to purchase a piece of the Space Coast lifestyle,” says McCoy.
The statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year in December for 108 consecutive months.
Nationally, existing-home sales surged in 2020, up 5.9 percent from the year previous and to a level unseen since the Great Recession.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 2.68% in December 2020, significantly lower than the 3.72% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for December 2020
Closed Sales are up +15.8% for December 2020 in which the number of units closed was 1,034 compared to 893 in December 2019, with an increase in cash sales of +21.4% compared to December 2019.
New Pending Sales are up +19.5% and New Listings are up +8.9%.
The Median Sales Price for Brevard Single Family homes is up +8.9% to $270,000 compared to a year ago, which was $248,000.
Months Supply of Inventory is down -46.2% to 1.4 months, a decrease from 2.6 months in December 2019.
Traditional Sales are up +17.5%, with a median sales price of $271,000.
Foreclosure/REO Sales are down -66.7%, with 7 closed sales and a median sales price of $209,900.
Short Sale Closings are up with 2 closed sales and a median sales price of $328,050 compared to 0 closed sales in December 2019.
A quick recap of the Brevard County Townhouses/Condos for December 2020
Closed Sales are up +3.6% for December 2020 in which the number of units closed was 261 compared to 252 in December 2019, with an increase in cash sales of +16.9% compared to December 2019.
New Pending Sales are up +33.9% and New Listings are down -1.7%.
Median Sales Price for Townhomes/Condos is up +16.2% to $223,000 compared to a year ago, which was $191,850.
Months Supply of Inventory is down -28.1% to 2.3 months in December 2020 from 3.2 months in December 2019.
Traditional Sales are up +4.4%, with a median sales price of $223,000.
Foreclosure/REO Sales are down -100.0%, with 0 closed sale compared to 2 closed sale in December 2019.
Short Sale Closings are unchanged with 0 closed sales in December 2020 and 0 closed sales in December 2019.