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September 2017 MLS Statistics

Courtesy of Florida Realtors® Industry Data and Analysis Team

Within this email is a recap of the housing statistics for September 2017 in Brevard. This update is brought to you by the Space Coast Association of REALTORS® as a service to our members. Feel Free to contact us with any real estate questions you might have. We have years of experience and are here to assist you.

Christine Edwards
Communications Director
Space Coast Association of REALTORS®

A Note About September's Market Report from Brad O'Connor, Ph.D., Chief Economist at FloridaRealtors®:

• Single family home closed sales were down around 20 percent in most major markets on the peninsula, except of course in areas close to where Irma came ashore.
• These declines had nothing to do with a change in housing supply and demand. Rather, they were directly related to the length of time businesses, schools, etc. were closed down before and after the storm.
• There were 20 business days in September (i.e. 21 weekdays minus Labor Day), so even if title agencies, banks, etc. in your area were only closed down for four of them, that's 20 percent fewer business days to get things done right there.
• Notably, single family home median sale prices were up year-over-year in all 22 Florida metro areas, another strong indicator that our state's housing markets were simply delayed rather than derailed.

MLS Statistics - September 2017

You will find monthly, quarterly, and yearly reports of Brevard County Sales, detailed by Single Family Homes and Townhouses/Condos, on our website. In addition, there are Yearly Distressed Market Summaries for both types of properties.

A quick recap of the Brevard County Residential Report for September 2017:

• Closed Sales are down -18.4% for September 2017 in which the number of units closed was 693 compared to 849 in September 2016, with a decrease in cash sales of -26.4% compared to September 2016.
• New Pending Sales are down -37.7% and New Listings are down -30.9%.
• The Median Sales Price for Brevard Single Family homes is up 9.1% to $215,000 compared to a year ago, which was $197,100.
• Months Supply of Inventory is up 12% to 2.8 months, up from 2.5 months in 2016.
• Traditional Sales are down -15.5%, with a median sales price of $220,000
• Foreclosure/REO Sales are down -55.8%, with a median sales price of $115,000.
• Short Sale Closings are down -64.3%, with a median sales price of $180,000.

A quick recap of the Brevard County Townhouses/Condos for September 2017:

• Closed Sales are down -25.9% for September 2017 in which the number of units closed was 163 compared to 220 in September 2016, with a decrease in cash sales of -43.7% compared to August 2016.
• New Pending Sales are down -35.7% and New Listings are down -36.4%.
• Median Sales Price for Townhomes/Condos is up 17.5% to $163,000 compared to a year ago, which was $138,700.
• Months Supply of Inventory did not change. It was 3.4 months in September 2016 and September 2017.
• Traditional Sales are down -24%, with a median sales price of $165,250.
• Foreclosure/REO Sales decreased -60% with a median sales price of $101,500.
• Short Sale Closings decreased 50%, with a median sales price of $60,000 in September 2017.