Space Coast Housing Market: Median Price, New Listings Rise in July
by Realtor Bobby Freeman
July’s housing numbers show signs that the Space Coast residential real estate market may be returning to normal. While selling remains red-hot, slight inventory growth may lead to some sales slowing.
“This rebound in inventory is going to be slow and it will take a long while to get back to the levels we had pre-pandemic,” says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“So buyers will continue to be frustrated for the time being, but maybe just a little less so,” says McCoy.
Closed sales of single-family homes were down on a year-over-year basis in July, by over 13 percent. Still, that marks the first time sales in this property type category have been down year-over-year since May of 2020, near the beginning of the pandemic.
However, demand remains very high as the median sales price was up 22.5% compared to this time last year while active inventory is down 35.4% for single-family homes in Brevard.
So in summary, sales rates are trending back to what we might consider a normal level of growth. Inventory has started a trend back toward normalcy, as well, but in this case, the road will be quite long.
For now, we’re still firmly entrenched in the seller’s market territory. With inventory rising again, price growth will begin to slow over the coming months.
A quick recap of the Brevard County Single-Family Report for July 2021
Closed Sales are down -13.3% for July 2021 in which the number of units closed was 1,043 compared to 1,203 in July 2020, with an increase in cash sales of +17.4%.
New Pending Sales are down -6.5% and New Listings are up +12.2%.
The Median Sales Price for Brevard Single Family homes is up +20.9% to $322,000 compared to a year ago, which was $266,235.
Months Supply of Inventory is down -45.0% to 1.1 months, a decrease from 2.0 months in July 2020.
Traditional Sales are down -12.4%, with a median sales price of $325,000.
Foreclosure/REO Sales are down -61.9%, with 8 closed sales and a median sales price of $257,000.
Short Sale Closings are down -25.0% with 3 closed sales in July 2021 and 4 Closed Sales in July 2020.
A quick recap of the Brevard County Townhouses & Condos Report for July 2021
Closed Sales are down -22.3% for July 2021 in which the number of units closed was 251 compared to 323 in July 2020, with a decrease in cash sales of -10.9%.
New Pending Sales are down -16.1% and New Listings are up +21.7%.
Median Sales Price for Townhouses & Condos is up +9.3% to $235,000 compared to a year ago, which was $215,000.
Months Supply of Inventory is down -51.7% to 1.4 months in July 2021 from 2.9 months in July 2020.
Traditional Sales are down -22.0%, with a median sales price of $235,000.
Foreclosure/REO Sales are down -100.0%, with 0 closed sales and a median sales price of $0.
Short Sale Closings are unchanged with 0 closed sales in July 2021 and 0 closed sales in July 2020.