Brevard Real Estate Market Report Nov 2023 by McCoy Freeman
by Bobby Freeman with McCoy Freeman Real Estate
In October, U.S. buyers faced high mortgage rates with 30-year fixed rates between 7.5 to 8%. Brevard’s real estate market slowed in November, even though there was a year-over-year increase in closed single-family home sales by over 18.5%, and townhouse and condo sales by 6.2%.
“Space Coast home seekers received encouraging updates in November, thanks to a softening in mortgage rates and a countywide upswing in available properties,” notes Jennifer McCoy of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“The number of existing single-family homes on the market climbed by 18.5% last month, and the active inventory for condo-townhouse properties soared by 71.4%. This expansion in inventory offers a broader selection for those buyers who felt disheartened by the market in the past” says McCoy.
New listings in Brevard, compared to last year, rose by over 14.6% for single-family homes and 42.9% for townhouses and condos.
Months supply of inventory levels are growing and may reach pre-pandemic numbers soon, with single-family home inventory up by 25% and townhouse and condo inventory by almost 87.5%.
This increasing supply could lead to a more balanced market, giving buyers more choices and potentially slowing down the rapid price increases that have been seen in many places during the pandemic.
While inventory growth typically leads to slower price increases, prices have not yet shown a significant response for single-family homes. Brevard’s median home prices in November grew by 3.4% year-over-year to $367,000 for single-family homes.
Over in the condo and townhouses market, the median sales price was down 1% to $287,000 compared to this time last year.
A quick recap of the Brevard County Residential Report for November 2023:
- Closed Sales are up 18.5% for November 2023 in which the number of units closed was 795 compared to 671 in November 2022, with an increase in cash sales of 45.3%.
- New Pending Sales are up 6.3% and New Listings are up 14.6%.
- The Median Sales Price for Brevard Single Family homes is up 3.4% to $367,000 compared to a year ago, which was $355,000.
- Months’ Supply of Inventory is up 25.0% to 3.0 months, an increase from 2.4 months in November 2022.
- Traditional Sales are up 18.4% with a median sales price of $367,130.
- Foreclosure/REO Sales are 0.0% with 3 closed sales and a median sales price of $300,000.
- Short Sale Closings are N/A with 1 closed sale and a median sales price of $455,000
A quick recap of the Brevard County Townhouses/Condos for November 2023:
- Closed Sales are up 6.2% for November 2023 in which the number of units closed was 172 compared to 162 in November 2022, with an increase in cash sales of 33.7%.
- New Pending Sales are up 22.9% and New Listings are up 42.9%.
- The Median Sales Price for Brevard Single Family homes is down -1% to $287,000 compared to a year ago, which was $289,950.
- Months’ Supply of Inventory is up 87.5% to 4.5 months, an increase from 2.4 months in November 2022.
- Traditional Sales are up 6.8% with a median sales price of $287,000.
- Foreclosure/REO Sales are down -100% with 0 closed sales and a median sales price of (no sales.)
- Short Sale Closings are N/A with 0 closed sales and a median sales price of (no sales.)