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Median home values in Brevard County increase by .5 percent

Single home values are on the rise across Brevard county according to a recent Space Coast Real Estate Market Report published earlier this month.

The average price of a single-family home was $227,789 at this same time last year. According to this latest report, it's now increased .5 percent to $229,000.

Florida Realtors data shows that there was both an increase in median home values active listings this past December. A spokesperson for the organization notes that the excess inventory available right now may be due in large part to area residents feeling uncertain about when the federal government shutdown will end or about how high mortgage interest rates may climb.

Even still, as one Space Coast REMAX relator puts it, the increase in inventory gives buyers more varied options.

In Florida as a whole, there were 20,633 single-family homes sold just last month. This is a near 10 percent increase over last year.

As for Brevard, the data shows that 10.4 percent fewer homes were closed on in the county in December 2018 compared to 2017, although the average sales price increased by 1.4 percent from $271,875 to $275,614.

The median time to get to contract increased by more than 60 percent from 28 days in December 2017 to 45 days one year later. The amount of time it took to close a sale also went up by nearly 24 percent from 67 to 83 days during that same time period.

As of the end of December 2018, the number of new active listings in Brevard County had increased by more than 29 percent to 2,800 compared to the 2,166 that there were in 2017. Figured into these amounts were 730 in pending inventory, 700 new listings and 612 homes under contract. This compares to 826, 695 and 656, respectively, of the same during December 2017.

In Florida, homebuyers have options when it comes to having someone handle their real estate closing. While it's possible to have a title company handle it for you, there are countless reasons including ones having to do with licensing, liability and legal knowledge, why you should let an attorney handle your residential home closing instead.

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