Space Coast Real Estate Market Report 2019
Brevard’s housing market: median prices, inventory up in 1Q
Florida’s housing market reported higher median prices and rising inventory during the first quarter of 2019, according to the latest housing data released by Florida Realtors®.
Rising prices continue to put pressure on many homebuyers despite gains in the inventory of for-sale homes: Closed sales of single-family homes statewide totaled 59,505 in 1Q 2019, down 1.2 percent from the 1Q 2018 level.
“I’m seeing more buyers taking advantage of low interest rates especially first time home buyers,” says Jennifer McCoy, Broker-Associate with REMAX Elite’s McCoy-Freeman Group serving Florida’s Space Coast.
“Our inventory is up compared to last year giving buyers more homes to pick from,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.37 percent for 1Q 2019, up from the 4.27 percent average recorded during the same quarter a year earlier.
A quick recap of the Brevard County Residential Report for Q1 2019
Closed Sales are down -4.7% for Q1 2019 in which the number of units closed was 2,088 compared to 2,192 in 2018, with a decrease in cash sales of -7.2% compared to Q1 2018.
New Pending Sales are up 2.2% and New Listings are down -1.9%.
The Median Sales Price for Brevard Single Family homes is up 1.5% to $229,750 compared to a year ago, which was $226,323.
Months Supply of Inventory is up 21.4% to 3.4 months, an increase from 2.8 months in Q1 2018.
Traditional Sales are down -5%, with a median sales price of $230,000.
Foreclosure/REO Sales are up 16.7% with 63 sales and a median sales price of $165,000.
Short Sale Closings are down -50%, with 6 sales and a median sales price of $199,100.
A quick recap of the Brevard County Townhouses/Condos for Q1 2019
Closed Sales are down -10.7% for Q1 2019 in which the number of units closed was 633 compared to 709 in 2018, with a decrease in cash sales of -17.4% compared to Q1 2018.
New Pending Sales are down -11.5% and New Listings are down -6.8%.
Median Sales Price for Townhomes/Condos is up 10.8% to $175,000 compared to a year ago, which was $158,000.
Months Supply of Inventory is up 17.1% to 4.1 months in Q1 2019 from 3.5 months in Q1 2018.
Traditional Sales are down -10.2%, with a median sales price of $176,500.
Foreclosure/REO Sales are down -20% with 8 sales and a median sales price of $136,000.
Short Sale Closings are down -75% with one sale and a median sales price of $120,000.