DSRE IN THE NEWS: Florida Today; Wayne Price reaches out to Dale Sorensen, Jr concerning 2016 Brevard Real Estate sales and a forecast for 2017:
The dollar volume of real estate transactions in Brevard County last year grew 17 percent over the previous year, rising to $193.5 million.
That’s according to data released by the FloridaRealtors in its December 2016 report, which offers a year-long look at the local single-family home and condo market on the Space Coast. The mainly positive report further entrenches what people have seen in the local market for several months now: A low inventory of properties that has kept selling prices higher and sales brisk at all levels.
The report shows also considerable drops in foreclosure and short sales of single-family homes in December compared to a year earlier, while there was a nearly 12 percent increase in traditional sales in that same period.
There also seems to be considerable movement recently among higher-end properties in Brevard, which is somewhat unique. Dale Sorensen Jr. of Dale Sorensen Real Estate, which has offices in Indialantic and Viera, said the higher-priced homes don’t often move as quickly as other properties.
“We have had as an office a flurry of activity in the last 60 days in the higher end of the market, the $800,000 and up,” Sorensen said. “We have experienced similar activity in Indian River County as well, our feeling is so much of the luxury market is tied to consumer confidence. Last year was an election year which historically has been an off year for real estate as many are focused on politics and the outcome that outcome is now come and gone and is behind us. The stock market has been at or near record highs, combined with all of the positive news in Brevard County in terms of job growth plus industry and we find many factors coming together that lead to these micro bursts in luxury sales activity.”
According to the FloridaRealtors numbers, In December 2016 closed sales grew more than 3 percent over the previous December while the the median sales price – the point at which half the homes sell for less, half for more – during that same time grew 15.2 percent to $191,000.
Figures also show that sellers mostly were getting their asking prices on homes for sale, with the media percentage of original list price received rising slightly to 96.3 percent from 96.1 percent a year earlier.
National home sales figures also are to be released Tuesday morning by the National Association of Realtors.
Sales of existing homes in the United States slowed in December but 2016 was still the best in a decade, according to the organization. Sales in the final month of 2016 fell 2.8 percent to an annual rate of 5.49 million units, seasonally adjusted, the National Association of Realtors reported. That included single-family homes, condos and co-ops.
However, sales in 2016 finished at their strongest pace since 2006, rising 0.7 percent over 2015 to an annual rate of 5.49 million.
NAR Chief Economist Lawrence Yun said steady job creation and low mortgage rates accounted for the robust sales figures for the year.
“While a lack of listings and fast rising home prices was a headwind all year, the surge in rates since early November ultimately caught some prospective buyers off guard and dimmed their appetite or ability to buy a home as 2016 came to an end,” Yun said in a statement.