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Good housing news for Brevard

Good housing news for Brevard

FULL ARTICLE and Video Florida Today  2:22 p.m. ET Feb. 23, 2017

The Brevard County real estate market didn’t tap the brakes in January. It showed some acceleration instead.

Sales of single-family homes on the Space Coast rose nearly 3 percent over the year, while the median sale price — the point at which half the homes sell for less, half for more — jumped to $195,000, up more than 18 percent from a year earlier.

“We’re on a positive trend,” said Julia Dreyer, broker/owner of the Indian Harbour Beach-based Dreyer & Associates Real Estate Group. “I don’t think it’s a screaming, rocket trend, which is not what anybody wants. Really, 18 percent, year over year, is a good number. It’s a sustainable number.”

“I don’t think we want to see it go a tremendous amount higher than that or we do start approaching scary bubble area,” she added. “But we are not in a bubble by any means.”

The local data comes as the National Association of Realtors on Wednesday noted that U.S. existing-home sales surged to a 10-year high in January, a sign that buyers may be exhibiting more confidence in the economy and aren’t worried so much about the possibility of higher mortgage rates.

The National Association of Realtors said existing-home sales jumped 3.3 percent to a seasonally adjusted annual rate of 5.69 million units last month. That was the highest level since February 2007.

“Much of the country saw robust sales activity last month, as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home,” National Association of Realtors chief economist Lawrence Yun said in a statement. “Market challenges remain, but the housing market is off to a prosperous start, as home buyers staved off inventory levels that are far from adequate and deteriorating affordability conditions.”

The median existing-home price for all housing types in January was $228,900, up 7.1 percent from January 2016’s $213,700. January’s price increase was the fastest since last January and marks the 59th consecutive month of year-over-year gains.

Locally, details from the report from the Space Coast Association of Realtors show:

  • New pending sales in January were up 5.6 percent
  • Traditional sales were up 12.4 percent ,with a median sales price of $200,000.
  • Foreclosure sales fell 43 percent, while short -sale closings dropped 73.3 percent.
  • The month’s supply of inventory fell to 2.6 months, compared with 2.9 months a year ago.
  • Townhomes and condo sales rose nearly 25 percent over the year in January, while the median price for those units was $143,000, a nearly 5 percent rise from a year earlier.

Contact Price at 321-242-3658 or wprice@floridatoday.com. You can also follow him on Twitter @Fla2dayBiz.