January 2020 Real Estate Market Report for Florida and Brevard County
Florida condo-townhouse sales were up 14.5% year-to-year. The statewide median price for single-family homes rose 6% to $265K, and condo-townhouse prices up 9.6% to $200K.
Florida’s housing market started the year off on a positive track, with more closed sales, higher median prices, more pending sales and higher pending inventory in January 2020 compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 18,298 last month, up 17.9% from January 2019.
“The number of closed sales for single-family homes and condos increased over 15% in January compared to the same time last year,” says Jennifer McCoy, Broker/Owner of McCoy-Freeman Real Estate serving all of Florida’s Space Coast.
“Median time to contract decreased to 33% for single-family homes indicating properties are selling faster compared to last year,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.62% in January 2020, down from the 4.46% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for January 2020
Closed Sales are up +15.0% for January 2020 in which the number of units closed was 599 compared to 521 in January 2019, with an increase in cash sales of +9.3% compared to January 2019.
New Pending Sales are up +12.0% and New Listings are down -1.3%.
The Median Sales Price for Brevard Single Family homes is up +5.5% to $240,982 compared to a year ago, which was $228,463.
Months Supply of Inventory is down -27.8% to 2.6 months, a decrease from 3.6 months in January 2019.
Traditional Sales are up +14.9%, with a median sales price of $244,900.
Foreclosure/REO Sales are up +18.8%, with 19 sales and a median sales price of $118,000.
Short Sale Closings are unchanged 0% with 1 closed sale in January 2020 compared to 1 sale in January 2019.
A quick recap of the Brevard County Townhouses/Condos for January 2020
Closed Sales are up +19.0% for January 2020 in which the number of units closed was 175 compared to 147 in January 2019, with an increase in cash sales of +7.3% compared to January 2019.
New Pending Sales are up +17.9% and New Listings are down -6.7%.
Median Sales Price for Townhomes/Condos is up +0.4% to $170,000 compared to a year ago, which was $169,400.
Months Supply of Inventory is down -19.0% to 3.4 months in January 2020 from 4.2 months in January 2019.
Traditional Sales are up +20.7%, with a median sales price of $170,000.
Foreclosure/REO Sales are down -100%, with 0 sales and a median sales price of $N/A.
Short Sale Closings are unchanged 0.0% with 0 closed sales in January 2020 compared to 0 closed sales in January 2020.