Brevard Real Estate Market Report July 2022
by Bobby Freeman Realtor
Brevard’s housing market reported higher median prices, and a rise in new listings of existing single-family homes and condos in July 2022 compared to a year ago.
The median sales price for single-family homes in Brevard was up 13.1% to $369,900.
However, inflation and higher mortgage interest rates continue to impact sales. Closed sales are down 16.4% for single-family homes and down 22.7% compared to this time last year for condos and townhomes.
“It’s hard to compare 2022 sales from last year since 2021 was such a record year for real estate sales on the Space Coast,” says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Mortgage interest rates basically doubled from last year bringing affordably down for a lot of buyers in today’s market,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.41% in July 2022, significantly higher than the 2.87% average during the same month a year earlier.
On the supply side of the market, additional inventory continues to increase, rising year-over-year in July. The supply of single-family existing homes increased to a 1.9-months supply while existing condo-townhouse properties are at a 1.8-months supply.
A quick recap of the Brevard County Residential Report for July 2022:
- Closed Sales are down -16.5% for July 2022 in which the number of units closed was 890 compared to 1,066 in July 2021, with a decrease in cash sales of -6.6%.
- New Pending Sales are down -12.2% and New Listings are up 6.1%.
- The Median Sales Price for Brevard Single Family homes is up 13.1% to $369,900 compared to a year ago, which was $327,032.
- Months’ Supply of Inventory is up 72.7% to 1.9 months, from 1.1 months in July 2021.
- Traditional Sales are down -15.8% with a median sales price of $369,950.
- Foreclosure/REO Sales are down -83.3% with 2 closed sales and a median sales price of $139,000.
- Short Sale Closings are N/A with 1 closed sale and a median sales price of $148,800.
A quick recap of the Brevard County Townhouses/Condos for July 2022:
- Closed Sales are down -22.7% for July 2022 in which the number of units closed was 204 compared to 264 in July 2021, with an decrease in cash sales of -29.3%.
- New Pending Sales are down -5.4% and New Listings are up 2.0%.
- Median Sales Price for Townhomes/Condos is up 26.0% to $302,450 compared to a year ago, which was $240,038.
- Months’ Supply of Inventory is up 28.6% to 1.8 months in July 2022 from 1.4 months in July 2021.
- Traditional Sales are down -22.8% with a median sales price of $304,900.
- Foreclosure/REO Sales are 0.0% with a median sales price of $265,00 and 1 closed sale.
- Short Sale Closings are N/A with 0 closed sales in July 2022 and 0 closed sales in July 2021.
BREVARD CONDO AND TOWNHOMES JULY 2022
BREVARD SINGLE-FAMILY HOMES JULY 2022
