Brevard Real Estate Market Report Sept 2022
Brevard’s housing market reported increased inventory (active listings) and higher median prices in September and 3Q 2022 compared to a year ago. Closed sales of single-family homes countywide last month totaled 879, down 13% year-over-year, while existing condo-townhouse sales totaled 216, also down 14.3% over September 2021.
Closed sales of single-family homes countywide last month totaled 879, down 13% year-over-year, while existing condo-townhouse sales totaled 216, also down 14.3% over September 2021.
While time to contract is lengthening, homes on Florida’s Space Coast continue to go under contract quickly: The median time to contract for single-family existing homes in September was 19 days compared to 11 days during the same month a year ago.
The median sale price for single-family homes was up 13.6% to $363,540 and up 16.1% for condo/town homes compared to this time last year.
Inventory was higher last month than a year ago for both existing single-family homes, up 80.9%, and for condo-townhouse units, up 22%, even though some active listings likely were pulled off-market temporarily due to the hurricane.
“Buyers are now having more choices and time to find a home that fits their needs,” said Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“However, rising mortgage interest rates are forcing some buyers out of the market,” says McCoy.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 6.11% in September 2022, significantly higher than the 2.90% average during the same month a year earlier.
“Buyers are now having more choices and time to find a home that fits their needs,” said Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast. “However, rising mortgage interest rates are forcing some buyers out of the market,” says McCoy.
Recap of the Brevard County Residential Report for September 2022:
■ Closed Sales are down -13.0% for September 2022 in which the number of units closed was 879 compared to 1,010 in September 2021, with a decrease in cash sales of -16.1%.
■ New Pending Sales are down -30.0% and New Listings are down -14.9%.
■ The Median Sales Price for Brevard Single Family homes is up 13.6% to $362,540 compared to a year ago, which was $319,000.
■ Months’ Supply of Inventory is up 81.8% to 2.0 months, from 1.1 months in September 2021.
■ Traditional Sales are down -12.7% with a median sales price of $362,688.
■ Foreclosure/REO Sales are down -66.7% with 2 closed sales and a median sales price of $428,550.
■ Short Sale Closings are N/A with 1 closed sales and a median sales price of $230,000.
Recap of the Brevard County Townhouses/Condos for September 2022:
■ Closed Sales are down -14.3% for September 2022 in which the number of units closed was 216 compared to 252 in September 2021, with a decrease in cash sales of -5.0%.
■ New Pending Sales are down -41.8% and New Listings are down -14.7%.
■ Median Sales Price for Townhomes/Condos is up 16.1% to $291,500 compared to a year ago, which was $251,000.
■ Months’ Supply of Inventory is up 35.7% to 1.9 months in September 2022 from 1.4 months in September 2021.
■ Traditional Sales are down -13.9% with a median sales price of $291,500.
■ Foreclosure/REO Sales are down -100% with a median sales price of N/A and 0 closed sales.
■ Short Sale Closings are N/A with 0 closed sales in September 2022 and 0 closed sales in September 2021.
ABOUT THE AUTHOR
Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards from some of the largest real estate firms in the world.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.
Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.