Sunday, January 31, 2016

Brevard County Home Prices, Sales Up In December

Florida’s housing market reported higher median prices, fewer days on the market and tightening inventory in December 2015, according to the latest housing data released by Florida Realtors

Statewide, closed sales of single-family homes statewide totaled 23,056 last month, up 2.9 percent over the December 2014 figure. The median sales price for single-family existing homes last month was $206,500, up 11.6 percent from the previous year. 

In Florida’s townhouse-condo market, statewide closed sales totaled 9,357 last month, down slightly (1.2 percent) compared to December 2014. The statewide median price for townhouse-condo properties in December was $156,500, up 5 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

However, the closed sales data reflected fewer short sales and cash-only sales in December: Traditional sales in Florida rose 16.3 percent for single-family homes and 7.5 percent for condo-townhouse properties. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Florida’s housing market continues to show strength,” said 2016 Florida Realtors® President Matey H. Veissi, broker and co-owner of Veissi Associates in Miami. “December marked over four years – 49 months – of consecutive gains in statewide median sales prices, year-over-year, for both single-family homes and for townhouse-condo properties. Mortgage rates remain low, which is encouraging many buyers to make their move now to enter the housing market."

“Months’ supply of inventory likewise came in low, at 4.3 months supply for single-family homes and 5.4 months for condos and townhomes. At the state level, these figures would imply a seller’s market for single family homes and a balanced market for condos and townhomes.”

Brevard County December 2015 Real Estate Sales

Sales of townhouse-condos were down -3.2% year-over-year, and the median price of those units rose 20.8% to $145,000 on Florida's Space Coast.

Brevard County's December closed sales of existing single-family homes were up 3.5% from a year ago. The median price of those homes sold rose 17.9% to $165,000, but was still $41,500 less than the statewide average of $206,500. The median is the midpoint; half the homes sold for more, half for less.

Image Credit: Wiki Commons