Brevard March 2021 Real Estate Market Report
by Bobby Freeman, Realtor
Brevard’s housing market continues its momentum in March, with more closed sales, higher median prices, more new pending sales and increased pending inventory compared to a year ago. The coronavirus was first detected in Florida on March 1, 2020.
“This spring is very different than this time last year. Buyer demand is intense and our low inventory is creating many bidding wars which are challenging for potential homebuyers,” says Jennifer McCoy, broker/owner of McCoy-Freeman Real Estate serving all of Florida’s Space Coast.
“Unfortunately, there aren’t enough homes available for sale to meet the overwhelming level of demand especially here on the Space Coast,” says McCoy.
Available single-family homes for sale in Brevard was down 65.9% compared to this time last year.
The Brevard median sales price for single-family existing homes was $280,000 up 7.9% from the previous year. Last month’s Brevard median price for condo-townhouse units was $220,000, up 7.3% over the year-ago figure.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.08% in March 2021, significantly lower than the 3.45% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for March 2021:
Closed Sales are up +13.9% for March 2021 in which the number of units closed was 1122 compared to 985 in March 2020, with an increase in cash sales of +41.0%.
New Pending Sales are up +29.7% and New Listings are down -10.0%.
The Median Sales Price for Brevard Single Family homes is up +7.9% to $280,000 compared to a year ago, which was $259,571.
Months Supply of Inventory is down -66.7% to 0.9 months, a decrease from 2.7 months in March 2020.
Traditional Sales are up +15.5%, with a median sales price of $280,000.
Foreclosure/REO Sales are down -75.0%, with 4 closed sales and a median sales price of $168,000.
Short Sale Closings are down -50.0% with 1 closed sales and a median sales price of $215,000.
A quick recap of the Brevard County Townhouses/Condos for March 2021:
Closed Sales are up +31.6% for March 2021 in which the number of units closed was 371 compared to 282 in March 2020, with an increase in cash sales of +35.6%.
New Pending Sales are up +97.1% and New Listings are up +14.1%.
Median Sales Price for Townhomes/Condos is up +7.3% to $220,000 compared to a year ago, which was $205,000.
Months Supply of Inventory is down -62.9% to 1.3 months in March 2021 from 3.5 months in March 2020.
Traditional Sales are up +32.0%, with a median sales price of $220,000.
Foreclosure/REO Sales are down with 0 closed sales compared to 1 closed sales in March 2020.
Short Sale Closings are unchanged with 0 closed sales in March 2021 and 0 closed sales in March 2020.