Space Coast April 2022 Market Report by McCoy Freeman Real Estate

by Realtor Bobby Freeman

Brevard’s housing market may be showing some beginning signs of cooling in April: Mortgage interest rates and median home prices continued to rise amid a still-constrained supply of for-sale homes, resulting in fewer closed sales compared to a year ago. 

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.98% in April, significantly higher than the 3.06% averaged during the same month a year earlier.

“Looking forward, price growth should start to moderate in response to these higher rates, so this is an important statistic to keep your eye on over the next few months,” says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.

In April, closed sales for single-family homes was down 11.7% and active inventory was up 4.8% from this time last year in Brevard. 

“More inventory is good for buyers but new listings are still selling faster than ever,” says McCoy.

The median time to contract was down 30% to 7 days and the median time to sale was down 18.5% to 44 days.

Sales prices are still increasing. The median sales price in Brevard for single-family homes was up 22.3% to $360,000.

 

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

  • Closed Sales are down -11.7% for April 2022 in which the number of units closed was 1,035 compared to 1,172 in April 2021, with an increase in cash sales of 11.9%.
  • New Pending Sales are down -14.5% and New Listings are up 1.2%.

  • The Median Sales Price for Brevard Single Family homes is up 22.3% to $360,000 compared to a year ago, which was $294,450.

  • Months’ Supply of Inventory is 0.0% to 0.9 months, no change from 0.9 months in April 2021.

  • Traditional Sales are down -11.2% with a median sales price of $361,000.

  • Foreclosure/REO Sales are down -66.7% with 3 closed sales and a median sales price of $230,850.

  • Short Sale Closings are down -50.0% with 1 closed sale and a median sales price of $300,000.

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

  • Closed Sales are down -15.2% for April 2022 in which the number of units closed was 306 compared to 361 in April 2021, with a increase in cash sales of 0.6%.

  • New Pending Sales are down -9.4% and New Listings are down -4.2%.

  • Median Sales Price for Townhomes/Condos is up 13.1% to $288,350 compared to a year ago, which was $255,000.
  • Months’ Supply of Inventory is down -8.3% to 1.1 months in April 2022 from 1.2 months in April 2021.

  • Traditional Sales are down -14.8% with a median sales price of $288,350.

  • Foreclosure/REO Sales are down -100.0% with a median sales price of N/A and 0 closed sale.

  • Short Sale Closings are N/A with 0 closed sales in April 2022 and 0 closed sales in April 2021.

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