Friday, January 31, 2014

Brevard County, Florida Townhome-Condo Sales Down

ORLANDO, Florida -- Florida’s housing market reported higher median prices, more new listings, fewer days on the market and the continued stabilization of inventory in December, according to the latest housing data released by Florida Realtors®.  However, town home and condominium sales saw a decline both statewide and in Brevard County.

Statewide, closed sales of single-family homes statewide totaled 19,497 last month, up 8.6 percent over the December 2012 figure.  Closed sales typically occur 30 to 90 days after sales contracts are written.

Brevard County's December closed sales of existing single-family homes were up 23.8% from a year ago. The median price of those sold rose 7.9% to $129,450.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s townhome-condo market, statewide closed sales totaled 8,364 last month, down slightly (2.5 percent) compared to December 2012. However, the closed sales data reflected fewer short sales and cash-only sales in December:  Traditional sales in Florida rose 23.3 percent for single-family homes and 6 percent for condo-townhome properties.

On Florida's Space Coast, sales of townhouse-condos fell harder, down 9.8% year-over-year, but the median price  rose 12.1% to $120,000.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.46 percent in December 2013, up from the 3.35 percent average recorded during the same month a year earlier.