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Brevard County Real Estate Economy getting much better

It appears that there is nothing but good news in the Brevard County real estate market news! Recent statistics from the Space Coast Association of Realtors indicate that the market is definitely stronger than last year. Closed sales units within the county were up over 13% from February 2013 to February 2014. There was also an increase of over 15% in cash transactions compared to February 2013. The median sales price has also increased significantly with single-family homes up over 11% paired to February 2013. The median sales price currently in Brevard County is $124,900 compared with February 2013.

The most exciting news within this set of statistics  is that short sale closings are down 69%  from a year ago. This indicates to me that there are less short sales on the market and therefore less of them are selling.  What this means is that  the values that have been being held down for such a long time  due to pricing of short sales  will start to change and move  in an upward direction  during the year.

The same appears to be true for all other areas of the market including condominiums and townhouses.

A recap of the data from the Space Coast Association of Realtors for single family homes can be found below.

  • Closed Sales are up 13.1% for February 2014 in which the number of units closed were 621 compared to 549 in February 2013, with an increase in cash sales by 15.4% compared to February 2013.
  • New Pending Sales are up 0.2% and New Listings are up 6.3%.
  • Median Sales Price for Brevard County Single Family Homes are up 11.5% to $124,900 compared to a year ago, which was $112,000. 
  • Median Days on the Market are up 55.0%, which is 62 days compared to 40 in February 2013.
  • Months Supply of Inventory is down -1.1% to 4.4 months compared to 4.4 months in February 2013. 
  • Traditional Sales are up 26.3%, with a median sales price of $149,450.
  • Foreclosure/REO Sales are up 31.9%, with a median sales price of $79,250.
  • Short Sale Closings are down -69.0%, with a median sale price of $101,500.

 

Until next time this is Dennis Basile, CCIM  wishing you a great  weekend!