Median Gross sales Value for Townhomes/Condos is down 2.7% to $205,000 in comparison with a yr in the past
BREVARD COUNTY, FLORIDA – We at the moment are one yr into the COVID-19 pandemic right here within the U.S., and the housing market continues to be one of many brightest spots of our financial restoration.
That’s definitely the case right here in Brevard County, the place the most recent information from Florida Realtors reveals that February was one more very sturdy month for house gross sales.
“The House Coast actual property momentum continues with historic low mortgage charges, excessive purchaser demand, and a scarcity of stock,” says Jennifer McCoy, broker-owner with McCoy Freeman Actual Property serving all of Florida’s House Coast.
“Shortage of stock and excessive demand for current houses continues to drive house costs larger,” says McCoy.
The median sale worth for closed gross sales in each property kind classes was up near over 8% % in February on a year-over-year foundation, with the median worth for single-family gross sales coming in at $274,720.
The median gross sales worth for condos and townhomes really fell 2.7% from this time final yr to $205,000. I don’t see condominium costs going any decrease at this level. I’ve been concerned in too many current condominium purchases with gross sales costs closing for properly over the asking costs. There’s an excessive amount of demand for Florida condos that gained’t permit for costs to lower anytime within the close to future.
In some unspecified time in the future, rising mortgage charges are going to start out slowing down this development in costs. Nonetheless, that impact might not be fast, as many potential consumers may understand the following few of months as a final probability to lock in at near-historically low charges. We’ll in fact maintain you posted as we transfer ahead into this yr’s spring shopping for season.
Recap of the Brevard County Residential Report for February 2021
■ Closed Gross sales are up +22.7% for February 2021 wherein the variety of items closed was 853 in comparison with 695 in February 2020, with a rise in money gross sales of +34.9%.
■ New Pending Gross sales are up +1.7% and New Listings are down -7.8%.
■ The Median Gross sales Value for Brevard Single Household houses is up +10.8% to $274,720 in comparison with a yr in the past, which was $248,000.
■ Month’s Provide of Stock is down -57.7% to 1.1 months, a lower from 2.6 months in February 2020.
■ Conventional Gross sales are up +26.1%, with a median gross sales worth of $275,000.
■ Foreclosures/REO Gross sales are down -81.8%, with 4 closed gross sales and a median gross sales worth of $213,000.
■ Brief Sale Closings are up +33.3% with 4 closed gross sales and a median gross sales worth of $230,400.
Recap of the Brevard County Townhouses/Condos for February 2021
■ Closed Gross sales are up +21.9% for February 2021 wherein the variety of items closed was 256 in comparison with 210 in February 2020, with a rise in money gross sales of +49.4%.
■ New Pending Gross sales are up +22.0% and New Listings are up +6.2%.
■ Median Gross sales Value for Townhomes/Condos is down -2.7% to $205,000 in comparison with a yr in the past, which was $210,750.
■ Months Provide of Stock is down -45.5% to 1.8 months in February 2021 from 3.3 months in February 2020.
■ Conventional Gross sales are up +23.7%, with a median gross sales worth of $205,000.
■ Foreclosures/REO Gross sales are down with 0 closed gross sales in comparison with 3 closed gross sales in February 2020.
■ Brief Sale Closings are unchanged with 0 closed gross sales in February 2021 and 0 closed gross sales in February 2020.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a high Realtor within the space for over 20 years. In his first yr as an agent, Freeman obtained a Rising Star award from his Brokers. Since then he has achieved quite a few gross sales awards from among the largest actual property companies on this planet.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are household house owners of the McCoy-Freeman Actual Property Group on Florida’s House Coast. Collectively they’ve greater than 40 years of intensive expertise in all facets of the actual property trade, have offered over $420 million and are ranked within the high 1% of all Florida Realtors.
Amongst McCoy-Freeman Group’s achievements are Licensed Luxurious Dwelling Advertising and marketing Specialist (CLHMS), Licensed Distressed Property Specialists (CDPE), Accredited Purchaser’s Consultant (ABR) and voted Finest Realtor in Brevard County. The group has been featured in lots of information publications together with CNN Cash Journal, CNNMoney.com, WFTV 9 Information, Information 13, WKMG Information 6, Coastal Condominium Residing Journal, Scorching Retirement Cities Journal, and SpaceCoastDaily.com.
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