January 2024 Brevard Real Estate Market Report by McCoy Freeman
Brevard’s housing market started 2024 with higher median prices, more new listings, more inventory (active listings) and median prices in January compared to a year ago for single-family homes.
However, mortgage interest rates above 6% continued to impact potential homebuyers’ purchase power, while also contributing to a lock-in effect among would-be home sellers who bought their homes years ago with a mortgage rate of 3% to 4.5%.
“As mortgage rates begin to stabilize and potentially decrease, we anticipate that more buyers who’ve been waiting will make their move and we’ll start to see an increase in completed home sales” says Jennifer McCoy of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
The number of newly listed single-family homes saw a 14.8% increase compared to last year, and the new listings for townhomes and condos rose by 20.4%.
This maintains a pattern observed over recent months, primarily linked to the unusually low new listing figures in the latter part of 2022 and the beginning of 2023, which was largely a result of the quickly escalating mortgage rates during that period.
“This is encouraging for potential homebuyers seeking a wider range of options on the market,” says Jennifer McCoy. “While affordability continues to be a hurdle, the current increase in inventory is anticipated to help stabilize price increases for the foreseeable future.”
A quick recap of the Brevard County Residential Report for January 2024:
Closed Sales are down -6.4% for January 2024 in which the number of units closed was 581 compared to 621 in January 2023, with a decrease in cash sales of -3.0%.
New Pending Sales are down -5.7% and New Listings are up 14.8%.
The Median Sales Price for Brevard Single Family homes is up 6.0% to $371,583 compared to a year ago, which was $350,540.
Months’ Supply of Inventory is up 47.8% to 3.4 months, an increase from 2.3 months in January 2023.
Traditional Sales are down -6.8% with a median sales price of $373,888.
Foreclosure/REO Sales are reported the same as January 2023 with 0% change and with 6 closed sales year over year. A median sales price was reported of $238,050.
Short Sale Closings N/A with 2 closed sales and a median sales price of $328,250
A quick recap of the Brevard County Townhouses/Condos for January 2024:
Closed Sales are down -10.8% for January 2024 in which the number of units closed was 132 compared to 148 in January 2023, with an decrease in cash sales of -25.5%.
New Pending Sales are down -18.3% and New Listings are up 20.4%.
The Median Sales Price for Brevard Townhouses/Condos is down -5.6% to $283,100 compared to a year ago, which was $300,000.
Months’ Supply of Inventory is up 74.2% to 5.4 months, an increase from 3.1 months in January 2023.
Traditional Sales are down -10.8% with a median sales price of $283,100.
Foreclosure/REO Sales are N/A with 0 closed sales reported.
Short Sale Closings are N/A with 0 closed sales reported