Surprise, Surprise: Brevard County Home Sales Rise 16 Percent in March
The Brevard County housing market showed signs of life last month, with sales increasing in March from February, while prices held steady.
Sales by Realtors of existing single-family homes rose 16 percent to 550 in March from 474 in February. The median sales price - the point at which half the homes sell for less and the other half for more - fell to $200,000 in March from $201,100 in February.
Year over year, sales of single-family homes in Brevard dropped 15 percent in March from 646 in March 2006, while the median price fell 10 percent, from $223,000 a year earlier.
Even with a 15 percent decline in year-over-year transactions, Brevard County did better than 17 of the 19 other Florida markets the Florida Association of Realtors tracks.
Economists, real estate experts and consumers alike are closely following the home sales market because of its strong relationship to the local and national economy.
While down from a year ago, the monthly improvement in sales is a positive sign for those involved in the Brevard real estate market.
“I said before that were getting a lot of calls and activities in our offices at the first of the year,” said Bob Willmarth, president of the Melbourne Area Association of Realtors.
“Those become the March closings.”
The Florida Association of Realtors’ sales figures reflect closings, which typically occur 30-90 days after sales contracts are written.
Willmarth said he predicts “a return to normalcy” in the local real estate and Florida mortgage market around June.
The housing market was particularly strong in 2005 and the first half of 2006, but has tapered off ever since.
Betty McCluskey, broker/owner of McCluskey Realty Inc. GMAC, said the month-to-month increases are good.
However, she worries that the enthusiasm that sparked those gains in the beginning of the year is not going to continue.
McCluskey said the failure of state lawmakers to adopt both property taxes and insurance reforms has buyers skittish about purchasing a home.
Normally, spring and early-summer are peak home-buying periods.
Willmarth, a broker at Century 21 Indian River Realty in Indialantic, said people needing to find homes in the area will continue filling out Florida home mortgage applications.
But so-called “optional buyers” - those who don’t have to move and people looking to purchase investment properties - might hesitate about buying a home based on high tax, insurance and Florida home loan rate fears.
The Florida Association of Realtors figures released Tuesday also show that sales for the local condominium market picked up in March, compared with February - to 125 from 103.
Like the single-family housing market, median prices remained relatively flat. The median sale price for a condo in Brevard in March was $167,500, compared with $168,800 in February.
SOURCE: Florida Today
