Latest Brevard Real Estate Market Report October 2022
Brevard’s housing market reported higher median prices and more inventory (active listings) in October compared to a year ago, though inflation and rising interest rates remained a factor for buyers.
Closed sales of single-family homes countywide last month totaled 871, down 20.7% year-over-year, while existing condo-townhouse sales totaled 193, down 30.6% from October 2021.
“The historical seller’s market started to end around March of this year as the Fed began to reverse its course in order to fight inflation in the economy” says Jennifer McCoy Broker/Owner of McCoy Freeman Real Estate.
“The rapid increase in mortgage interest rates dramatically increased the monthly payments required for new mortgages causing many buyers to suspend their home searches” says McCoy.
However monthly sales still remain in the neighborhood of pre-pandemic levels despite today’s significantly higher home prices and mortgage rates only illustrates that despite these headwinds, housing demand in Florida continues to receive support from its recent surge in post-pandemic in-migration, vacation home purchases, and the ever-increasing number of millennials looking to find a home for their growing families.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 6.90% in October 2022, significantly up from the 3.07% average during the same month a year earlier.
A quick recap of the Brevard County Residential Report for October 2022:
- Closed Sales are down -20.7% for October 2022 in which the number of units closed was 871 compared to 1,098 in October 2021, with a decrease in cash sales of -34.7%.
- New Pending Sales are down -34.6% and New Listings are down -2.4%.
- The Median Sales Price for Brevard Single Family homes is up 10.5% to $363,500 compared to a year ago, which was $329,105.
- Months’ Supply of Inventory is up 109.1% to 2.3 months, from 1.1 months in October 2021.
- Traditional Sales are down -20.9% with a median sales price of $363,500.
- Foreclosure/REO Sales are up 100% with 4 closed sales and a median sales price of $201,950
- Short Sale Closings are 0.0% with 2 closed sales and a median sales price of $242,500.
A quick recap of the Brevard County Townhouses/Condos for October 2022:
- Closed Sales are down -30.6% for October 2022 in which the number of units closed was 193 compared to 278 in October 2021, with a decrease in cash sales of -23.2%.
- New Pending Sales are down -39.5% and New Listings are down -7.5%.
- Median Sales Price for Townhomes/Condos is up 29.5% to $325,000 compared to a year ago, which was $251,000.
- Months’ Supply of Inventory is up 50% to 2.1 months in October 2022 from 1.4 months in October 2021.
- Traditional Sales are down -30.9% with a median sales price of $325,000.
- Foreclosure/REO Sales N/A (No Sales)
- Short Sale Closings N/A (No Sales)
Brevard Single-Family Homes October 2022
Brevard Town Homes & Condos October 2022
