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Tuesday, February 23, 2016

Brevard County, Florida Residential Market Update January 2016

Below is a summary of the Brevard County, Florida real estate market for January 2016 divided into two segments:  (1) Single Family Homes and (2) Townhouse and Condominiums.

Single Family Home Market:  Sales about level, prices rising, inventory decreasing.
  • Closed Sales -  Down 1.5% in January 2016 with 602 closings vs. 611 in January 2015.
  • Cash Sales - Decreased 12.0% compared to January 2015.
  • New Pending Sales - Down 10.3%
  • New Listings - Decreased 7.8%
  • Median Sales Price for Brevard Single Family Homes - Up 17.2% to $164,038 compared to a year ago ($140,000)
  • Months Supply of Inventory - Down 14.7% to 2.9 months vs. 3.4 months in January 2015
  • Traditional Sales - Increased 16.9% (median sales price of $178,900)
  • Foreclosure/REO Sales - Dropped  46.8% (median sales price of $99,375)
  • Short Sale Closing - Decreased 40.0% (median sales price of $117,050)

Condominium and Townhouse Market:  Traditional sales up, distressed sales down, inventory shrinking and prices rising.
  • Closed Sales - Down 6.6% in January 2016 with 155 closings compared to 166 in January 2015, with an decrease in cash sales by -24.1% compared to January 2015.
  • New Pending Sales - Down 19.9%.
  • New Listings - Increased 4.4%
  • Median Sales Price for Townhomes/Condos - Up 19.0% to $138,000 compared to a year ago ($116,000)
  • Months Supply of Inventory - Down 11.6% to 4.0 months compared to 4.6 months in January 2015.
  • Traditional Sales - Increased 6.0%, with a median sales price of $141,000.
  • Foreclosure/REO Sales - Decreased 52.0% with a median sales price of $65,985.
  • Short Sale Closing - Down  85.7% with a median sales price of $62,000.
For information on homes for sale in Melbourne, Florida, call or text me at 321-693-3850. 

agent@moving2brevard.com

Above statistics provided by Space Coast Realtors.

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