Brevard Real Estate Market Report April 2024 – by McCoy Freeman
WATCH OUR REAL ESTATE REPORT
Brevard’s housing market in April showed more closed sales, more for-sale inventory, more new listings and higher median prices compared to a year ago.
“The shift towards a more balanced market in Brevard County is a hidden gem for buyers, offering them a greater selection and more time to decide says Jennifer McCoy of McCoy Freeman Real Estate.
“For sellers, strategic pricing and savvy marketing are key in attracting buyers in this evolving landscape” says McCoy.
The countywide median sales price for single-family existing homes in April was $384,000, up 6.7% over April 2023.
Last month’s countywide median price for condo-townhouse units was $330,000, up 10% over the year-ago figure.
FOR BUYERS
Recent statistics from Brevard County’s market highlight a 60.9% increase in median time to contract for single-family and a 40% increase for townhouses and condos.
With the supply of inventory extending to 3.6 months for single-family homes and 6.1 months for townhouses and condos, the market is leaning towards a more equilibrium state.
For purchasers, this translates to a broader range of options and the luxury of time when making buying decisions.
FOR SELLERS
Sellers in Brevard County are navigating through a market presenting conflicting indicators. Falling closed sales and a rise in new listings might indicate increased challenges in the current year compared to the last.
With an expanded inventory supply indicating a shift towards a buyer’s market, sellers now face the need to employ more calculated pricing and marketing strategies to differentiate their listings.
An expert real estate agent’s advice is key for competitive pricing, effective staging, and securing favorable sale terms.
A quick recap of the Brevard County Residential Report for April 2024:
- Closed Sales are up 5.6% for April 2024 in which the number of units closed was 1,033 compared to 978 in April 2023, with an increase in cash sales of 3.4%.
- New Pending Sales are up 8.3% and New Listings are up 28.4%.
- The Median Sales Price for Brevard Single Family homes is up 6.7% to $384,000 compared to a year ago, which was $360,000.
- Months’ Supply of Inventory is up 71.4% to 3.6 months, an increase from 2.1 months in April 2023.
- Traditional Sales are up 5.6% with a median sales price of $385,000.
- Foreclosure/REO Sales are up 80.0% with 9 closed sales and a median sales price of $230,000.
- Short Sale Closings down -100.0% with 0 closed sales reported with a median sales price of (no sales).
A quick recap of the Brevard County Townhouses/Condos for April 2024
- Closed Sales are down -2.0% for April 2024 in which the number of units closed was 249 compared to 254 in April 2023, with an increase in cash sales of 16.8%.
- New Pending Sales are up 13.1% and New Listings are up 49.5%.
- The Median Sales Price for Brevard Townhouses/Condos is up 10.0% to $330,000 compared to a year ago, which was $300,000.
- Months’ Supply of Inventory is up 110.3% to 6.1 months, an increase from 2.9 months in April 2023.
- Traditional Sales are down -2.4% with a median sales price of $330,000.
- Foreclosure/REO Sales are N/A with 1 closed sale and a median sales price of $167,000.
- Short Sale Closings are N/A with 0 closed sales reported.