Presented below is a summary report of the Brevard County, Florida real estate activity and market for the third quarter of 2017 compared the same quarter a year ago.
Summary of the Brevard County Residential Market for Q3 2017:
- Closed Sales - down -3.4% for Q3 2017 with 2,528 units closed compared to 2,617 in Q3 2016. There was also a decrease in cash sales of -11.7% in Q3 2017.
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New Pending Sales - decreased -9.6%.
- New Listings - increased 1.3%.
- Median Sales Price for Brevard Single Family homes - climbed 11.7% to $220,000 compared to a year ago which was $196,950.
- Months Supply of Inventory - grew 12% to 2.8 months from 2.5 months in 2016.
- Traditional Sales (Fair Market) - dropped -0.6% with a median sales price of $221,620 although my guess is Hurricane Irma had some impact.
- Foreclosure/REO Sales - down -41.8% with a median sales price of $135,000.
- Short Sale Closings - also down -41.9% with a median sales price of $180,000.
Summary of the Brevard County Townhouse/Condo Market for Q3 2017:
- Closed Sales - down -6.1% for Q3 2017 in which the number of units closed was 626 compared to 667 in Q3 2016, with a decrease in cash sales of -21.3% compared to Q3 2016.
- New Pending Sales - dropped -12.9%.
- New Listings - up 0.8%.
- Median Sales Price for Townhomes/Condos - up 8.8% to $160,000 compared to a year ago which was $147,000.
- Months Supply of Inventory - did not change (remained 3.4 months).
- Traditional Sales (Fair Market Sales) - down -3.8% with a median sales price of $162,000.
- Foreclosure/REO Sales - decreased -37.5% with a median sales price of $115,000. Short Sale Closings - decreased -62.5% with a median sales price of $329,500 in Q3 2017.
For information on buying a home in Melbourne, Florida, please call or text me at 321-693-3850.
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