Brevard County Real Estate Report February 2023 by Bobby Freeman

Brevard’s housing market in February continued to show increasing inventory (active listings) and higher median prices compared to a year ago.

“The only upshot to our persistently low levels of new listings here on the Space Coast is that it is helping to keep prices relatively stable by preventing the ratio of buyers to sellers from shifting too rapidly” says Jennifer McCoy with McCoy Freeman Real Estate.

“Still, economic uncertainty, inflation and interest rates fluctuating above 6% impacted Brevard’s housing sector” says McCoy.

Closed sales of single-family homes in Brevard last month totaled 819, down 6.9% year-over-year, while existing condo-townhouse sales totaled 190, down 23.7% from February 2022.

The median sale price for closed sales of single-family homes in February was 4.2 higher than a year ago, rising to $349,000. 

Over in the townhouse and condo category, the median sale price was $302,500, a year-over-year increase of 14.2%.

Mortgage interest rates have climbed in recent weeks, but they are currently volatile as the markets are trying to figure out what to make of the recent turmoil in the banking sector.

This uncertainty might have the effect of making some buyers hop back on the fence for the time being, so there’s no guarantee that we’ll continue to see improvement in sales for March and April. 

A quick recap of the Brevard County Residential Report for February 2023:

• Closed Sales are down -6.9% for February 2023 in which the number of units closed was 819 compared to 880 in February 2022, with a decrease in cash sales of -17.4%.
• New Pending Sales are down -9.9% and New Listings are down -9.7%.
• The Median Sales Price for Brevard Single Family homes is up 4.2% to $349,000 compared to a year ago, which was $335,000.
• Months’ Supply of Inventory is up 214.3% to 2.2 months, an increase from 0.7 months in February 2022.
• Traditional Sales are down -6.9% with a median sales price of $348,430.
• Foreclosure/REO Sales are 0.0% with 5 closed sales and a median sales price of $365,000.
• Short Sale Closings are down -100.0% with 0 closed sales and a median sales price of (no sales).

A quick recap of the Brevard County Townhouses/Condos for February 2023:

• Closed Sales are down -23.7% for February 2023 in which the number of units closed was 190 compared to 249 in February 2022, with a decrease in cash sales of -17.5%.
• New Pending Sales are down -16.6% and New Listings are up 8.3%.
• Median Sales Price for Townhomes/Condos is up 14.2% to $302,500 compared to a year ago, which was $265,000.
• Months’ Supply of Inventory is up 244.4% to 3.1 months in February 2023 from 0.9 months in February 2022.
• Traditional Sales are down -23.7% with a median sales price of $302,500.
• Foreclosure/REO Sales are N/A with a median sales price of (no sales).

• Short Sale Closings are N/A with 0 closed sales in February 2023 and 0 closed sale in February 2022.

  
  Brevard County Single-Family Homes February 2023