Brevard January 2022 Real Estate Market Report by Bobby Freeman
Even as the pandemic continues into 2022, Brevard’s housing market reported more closed sales and rising median prices compared to a year ago. The median sales price for single-family existing home sales were up 15.7% to $265,000 compared to January 2022.
“High buyer demand and lack of inventory continues here on Florida’s Space Coast,” says Jennifer McCoy with McCoy Freeman Real Estate. “This shortfall in available inventory continues to put pressure on home prices” says McCoy.
Last month, closed sales of single-family homes in Brevard totaled 770, up 6.4% year-over-year, while existing condo-townhouse sales totaled 230, up 8.5% over January 2021.
I’ll be keeping a close eye on rising mortgage rates. As we get more data for 2022, we will have a better understanding of how much of Florida’s demand could ease as interest rates likely increase to levels homebuyers haven’t seen in three years.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.45% in January 2021, significantly higher than the 2.74% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for January 2022:
- Closed Sales are up +6.4% for January 2022 in which the number of units closed was 770 compared to 724 in January 2021, with an increase in cash sales of +42.7%.
- New Pending Sales are down -7.7%and New Listings are down -4.5%.
- The Median Sales Price for Brevard Single Family homes is up +21.9% to $329,000 compared to a year ago, which was $270,000.
- Months’ Supply of Inventory is down -33.3%to 0.8 months, a decrease from 1.2 months in January 2021.
- Traditional Sales are up +6.3% with a median sales price of $329,500.
- Foreclosure/REO Sales are 0.0% with 5 closed sales and a median sales price of $233,000.
- Short Sale Closings are up +100% with 2 closed sales and a median sales price of$158,000.
A quick recap of the Brevard County Townhouses/Condos for January 2022:
- Closed Sales are up +8.5%for January 2022 in which the number of units closed was 230 compared to 212 in January 2021, with an increase in cash sales of +18.4%.
- New Pending Sales are down -12.3%and New Listings are down -14.7%.
- Median Sales Price for Townhomes/Condos is up +15.7% to $265,000 compared to a year ago, which was $229,000.
- Months’ Supply of Inventory is down -57.1%to 0.9 months in January 2022 from 2.1 months in January 2021.
- Traditional Sales are up +8.5%with a median sales price of $265,000.
- Foreclosure/REO Sales are down -100.0% with a median sales price of (no sales).
- Short Sale Closings are N/A with 1 closed sale in January 2022 and 0 closed sales in January 2021.
