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Thursday, February 02, 2017

Brevard County, Florida (Melbourne, Cocoa Beach, Palm Bay areas) real estate market for the month ending December 2016

Presented below is a summary of the Brevard County, Florida (Melbourne, Cocoa Beach, Palm Bay areas) real estate market for the month ending December 2016 compared to December 2015.  
 
The summary is divided into the single family detached home market and the condo and townhome segment.   Data provide by the the Space Coast Association of Realtors.
 
Key indicators for the December 2016 single family home market included:
  • Closed Sales - increased 3.1% for December 2016 with 833 units closed compared to 808 in December 2015.
  • Closed Cash Sales - decreased 15% compared to December 2015.
  • New Pending Sales - decreased 6.4%.
  • New Listings - dropped 3.6%.
  • Median Sales Price -  for Brevard Single Family homes went up 15.2% to $191,000 compared to a year ago which was $165,750.
  • Months Supply of Inventory - down  14.3% at 2.4 months compared to 2.8 months in December 2015.
  • Traditional Sales - up 11.8% with a median sales price of $195,000.
  • Foreclosure/REO Sales - down  47.4% with a median sales price of $137,500.
  • Short Sale Closings - down 57.9% with a median sales price of $113,875. 
Key indicators for the Brevard County townhouse and condo markets for December 2016 included:
  • Closed Sales - up 7.7% for December 2016 in which the number of units closed was 223 compared to 207 in December 2015 with an increase in cash sales of 9% compared to December 2015.
  • New Pending Sales - up 14.5%.
  • New Listings -down 5.5%.
  • Median Sales Price for Townhomes/Condos - increased minimally (.5%) to $145,000 compared to a year ago, which was $144,250.
  • Months Supply of Inventory is up 5.9% to 3.6 months compared to 3.4 months in December 2015.
  • Traditional Sales are up 9.8% with a median sales price of $147,000.
  • Foreclosure/REO Sales are down -38.5% with a median sales price of $62,000.
  • Short Sale Closings year-over-year data is not available as there were no sales in December 2015. The December 2016 median short sale sales price was $76,750.
For information on buying or selling a house or condo in Melbourne, Florida, call or text me at 321-693-3950.

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