REAL ESTATE MARKET REPORT: Housing Demand Continues to Be Strong On the Space Coast

BREVARD COUNTY, FLORIDA – Florida’s housing market reported more closed sales, higher median prices and more pending sales in September compared to a year ago – when Hurricane Irma struck the Florida Keys on Sept. 10, 2017 – according to the latest housing data released by Florida Realtors.

“The economy here on Florida’s Space Coast and consumer confidence remains very robust,” said Jennifer McCoy, Broker-Associate for REMAX Elite’s McCoy-Freeman Group.

“Housing demand continues to be strong and it’s a good time to own a piece of the Florida real estate market.”

Sales of single-family homes statewide totaled 21,087 last month, up 17 percent compared to September 2017.

September was the 81st month-in-a-row (over six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year. The statewide median sales price for single-family existing homes was $251,610, up 4.9 percent from the previous year.

Recap of the Brevard County Residential Report for September 2018:

• Closed Sales are up 8.1% for September 2018 in which the number of units closed was 749 compared to 693 in September 2017, with an increase in cash sales of 15.7% compared to September 2017.
• New Pending Sales are up 47.8% and New Listings are up 49.4%.
• The Median Sales Price for Brevard Single Family homes is up 9.3% to $235,000 compared to a year ago, which was $215,000.
• Months Supply of Inventory is up 14.3% to 3.2 months, an increase from 2.8 months in 2017.
• Traditional Sales are up 9%, with a median sales price of $238,750.
• Foreclosure/REO Sales are down -10.5%, with a median sales price of $145,600.
• Short Sale Closings are down -40%, with a median sales price of $112,500.

Sept-2018-Single-Family-Homes-Brevard-580-1

Recap of the Brevard County Townhouses/Condos for September 2018:

• Closed Sales are up 12.9% for September 2018 in which the number of units closed was 184 compared to 163 in
September 2017, with an increase in cash sales of 23.7% compared to September 2017.
• New Pending Sales are up 47.1% and New Listings are up 63.3%.
• Median Sales Price for Townhomes/Condos is up 3.7% to $169,000 compared to a year ago, which was $163,000.
• Months Supply of Inventory increased to 3.5 months in September 2018 from 3.4 months in September 2017.
• Traditional Sales are up 13.9%, with a median sales price of $171,500.
• Foreclosure/REO Sales saw no change with a median sales price of $85,950.
• Short Sale Closings are down -100% with no sales in September 2018 and one sale in September 2017.

Sept-2018-Condos-Townhomes-Brevard-580

Source: Space Coast Daily

 

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