February 2022 Space Coast Housing Market Report by McCoy Freeman Real Estate

BREVARD COUNTY – The lack of housing inventory, rising mortgage rates and home prices continued to impact Brevard housing market in February, slowing closed sales and pushing median prices to increase compared to a year ago, according to Florida Realtors®’ latest housing data.

A quick recap of the Brevard County Residential Report for February 2022:

Closed Sales are down -1.0% for February 2022 in which the number of units closed was 880 compared to 889 in February 2021, with an increase in cash sales of +17.7%.

New Pending Sales are down -6.8% and New Listings are down -2.1%.
The Median Sales Price for Brevard Single Family homes is up +22.0% to $335,000 compared to a year ago, which was $274,500.
Months’ Supply of Inventory is down -30.0% to 0.7 months, a decrease from 1.0 months in February 2021.
Traditional Sales are down -0.6% with a median sales price of $335,000.
Foreclosure/REO Sales are -16.7% with 5 closed sales and a median sales price of $200,000.

Short Sale Closings are down -75.0% with 1 closed sale and a median sales price of$340,000.

A quick recap of the Brevard County Townhouses/Condos for February 2022:

Closed Sales are down -7.4% for February 2022 in which the number of units closed was 249 compared to 269 in February 2021, with a decrease in cash sales of -12.4%.
New Pending Sales are down -21.1% and New Listings are down -14.2%.
Median Sales Price for Townhomes/Condos is up +29.3% to $265,000 compared to a year ago, which was $205,000.
Months’ Supply of Inventory is down -50.0% to 0.9 months in February 2022 from 1.8 months in February 2021.
Traditional Sales are down -7.4% with a median sales price of $265,000.
Foreclosure/REO Sales are N/A with a median sales price of (no sales).
Short Sale Closings are N/A with 0 closed sales in February 2022 and 0 closed sales in February 2021.