BREVARD REAL ESTATE REPORT: Single-Family Home Listings Increase, Median Sales Price Up 19.3% to $327,000

Median Sales Price for Townhomes/Condos up 17.1%

Interest rate for a 30-year fixed-rate mortgage averaged 3.07% last month, up from the 2.83% averaged during October 2020

BREVARD COUNTY, FLORIDA – The Brevard housing market reported higher median prices, more new listings, and a rise in all-cash sales in October compared to a year ago.

“Available inventory continues to be at low levels which puts pressure on prices and how quickly buyers are submitting sales contracts,” says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.

“This time last year the median time to contract was 20 days, now it’s 10 days,” said McCoy.

The median sales price for single-family existing homes on The Space Coast in October was $327,000, up 19.3% from the previous year.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.07% last month, up from the 2.83% averaged during October 2020.

Recap of the Brevard County Residential Report for October 2021:

■ Closed Sales are up +3.9% for October 2021 in which the number of units closed was 1,069 compared to 1,029 in October 2020, with an increase in cash sales of +56.5%.

■ New Pending Sales are down -3.1% and New Listings are down -5.2%.

■ The Median Sales Price for Brevard Single Family homes is up +19.3% to $327,000 compared to a year ago, which was $274,150.

■ Months Supply of Inventory is down -33.3% to 1.0 months, a decrease from 1.5 months in October 2020.

■ Traditional Sales are up +4.1% with a median sales price of $327,000.

■ Foreclosure/REO Sales are down -80.0% with 1 closed sale and a median sales price of $219,900.

■ Short Sale Closings are N/A with 2 closed sales and a median sales price of $242,500.

Recap of the Brevard County Townhouses/Condos for October 2021:

■ Closed Sales are down -1.8% for October 2021 in which the number of units closed was 276 compared to 281 in October 2020, with an increase in cash sales of +11.3%.

■ New Pending Sales are down -0.3% and New Listings are down -1.7%.

■ Median Sales Price for Townhomes/Condos is up +17.1% to $249,450 compared to a year ago, which was $213,000.

■ Months Supply of Inventory is down -41.7% to 1.4 months, a decrease from 2.4 months in October 2020.

■ Traditional Sales are down -1.1% with a median sales price of $249,450.

■ Foreclosure/REO Sales are down -100% with a median sales price of (no sales).

■ Short Sale Closings are N/A with 0 closed sales in October 2021 and 0 closed sales in October 2020.

ABOUT THE AUTHOR

Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards from some of the largest real estate firms in the world.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.

Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.

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