mortgage rates have been relatively stable in recent months
BREVARD COUNTY, FLORIDA – The home-selling frenzy continued on Florida’s Space Coast in November, with closed sales of existing homes and condos rising year-over-year – as well as a exceeding pre-pandemic levels. And new listings aren’t down – they’re just flying off the market.
The median selling price of single-family home sales increased 17.6% to $ 323,333 from November 2020 by $ 275,000. The median time to contract is now 11 days, which means Space Coast homes are selling faster than last year.
Home prices have generally continued to rise as mortgage rates have remained relatively stable in recent months.
However, the Federal Reserve’s shift to a more hawkish policy in terms of fighting inflation is expected to start pushing rates higher in the coming months, which should slow home price growth.
“I have buyers who have postponed their research, assuming the prices would drop,” said Jennifer McCoy of McCoy Freeman Real Estate, which serves the entire Florida Space Coast. “But now the homes they once considered are financially beyond their reach.”
A quick recap of the Brevard County residential report for November 2021
■ Closed sales are up + 7.3% for November 2021 where the number of closed units was 991 against 924 in November 2020, with an increase in cash sales of 35.7%.
■ New pending sales are up + 9.1% and new listings are up + 5.8%.
■ The median selling price of Brevard single-family homes is up 17.6% to $ 323,333 from a year ago, which was $ 275,000.
■ Months Inventory supply is down -40.0% to 0.9 months, down from 1.5 months in November 2020.
■ Traditional sales are up + 7.4% with a median selling price of $ 324,900.
■ Foreclosure / REO Sales are up + 28.6% with 9 closed sales and a median selling price of $ 188,000.
■ Short sell close is down -75.0% with 1 closed sale and a median sell price of $ 430,000.
A quick recap of Brevard County townhouses / condos for November 2021:
■ Closed sales are up + 4.9% for November 2021 where the number of closed units was 259 compared to 247 in November 2020, with an increase in cash sales of + 27.9%.
■ New pending sales are up + 15.5% and new listings are down -11.9%.
■ The median sale price of townhouses / condos is up + 2.5% to $ 240,800 from a year ago, which was $ 235,000.
■ Months Inventory supply is down -48.0% to 1.3 months in November 2021 compared to 2.5 months in November 2020.
■ Traditional sales are up + 4.5% with a median selling price of $ 242,000.
■ Foreclosure / REO sales are up 100% with a median sale price of $ 217,500.
■ Short sale closings are N / A with 0 sale closed in November 2021 and 0 sale closed in November 2020.
ABOUT THE AUTHOR
Bobby Freeman, a life resident of Brevard County, has been one of the area’s top real estate agents for over two decades. During his first year as an agent, Freeman received a Rising Star Award from his brokers. Since then, it has won numerous auction awards from some of the largest real estate companies in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are the family owners of the McCoy-Freeman real estate group on Florida’s Space Coast. Together, they have over 40 years of in-depth experience in all aspects of the real estate industry, have sold over $ 420 million, and are ranked in the top 1% of all Florida real estate agents.
Some of the McCoy-Freeman Group’s accomplishments include Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and Top Real Estate Agent in the World. Brevard County. The group has been featured in numerous 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.