Space Coast Real Estate Market Report by Bobby Freeman with McCoy Freeman Real Estate
by Bobby Freeman Realtor
Rising mortgage interest rates, high inflation, and still-tight inventory levels were factors influencing Brevard’s housing market in May, with fewer closed sales compared to a year ago.
“Inventory has remained at a very low level for some time, which means we’re still deep in seller’s market territory. But we’re starting to see some progress back toward a balanced market” says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
The countywide median sales price for single-family existing homes in May was $375,000, up 29.3% from the previous year. Last month’s countywide median price for condo-townhouse units was $300,000, up 29.2% over the year-ago figure.
This years rising mortgage rates continued to depress sales of existing Space Coast homes in May. This slowdown in the rate of sales was accompanied by an increase in the rate of homes listed for sale in May.
New listings of single-family homes were up on a year-over-year basis by over 23.5%—the largest such increase since August of last year. New listings of townhouses and condos were up more modestly, by 7.5%.
These are large increases in inventory, of course, but we started from a very low level. We are still only at about 1.1 months supply of inventory, which means we are still deep in seller’s market territory. But we are starting to make some progress back toward a balanced market.
As more inventory continues to come on line, we will be looking closely at prices for signs of a moderation in their rate of growth.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.23% in May, significantly higher than the 2.96% averaged during the same month a year earlier.
A quick recap of the Brevard County Residential Report for May 2022:
Closed Sales are up 1.4% for May 2022 in which the number of units closed was 1,054 compared to 1,039 in May 2021, with an increase in cash sales of 11.5%.
New Pending Sales are up 7.4% and New Listings are up 23.5%.
The Median Sales Price for Brevard Single Family homes is up 29.3% to $375,000 compared to a year ago, which was $290,000.
Months’ Supply of Inventory is up 37.5% to 1.1 months, from 0.8 months in May 2021.
Traditional Sales are up 1.6% with a median sales price of $375,510.
Foreclosure/REO Sales are down -50.0% with 3 closed sales and a median sales price of $141,000.
Short Sale Closings are N/A with 1 closed sale and a median sales price of $248,500.
A quick recap of the Brevard County Townhouses/Condos for May 2022:
Closed Sales are down -7.2% for May 2022 in which the number of units closed was 271 compared to 292 in May 2021, with an increase in cash sales of 0.7%.
New Pending Sales are down -21.3% and New Listings are up 7.5%.
Median Sales Price for Townhomes/Condos is up 29.2% to $300,000 compared to a year ago, which was $232,250.
Months’ Supply of Inventory is up 10.0% to 1.1 months in May 2022 from 1.0 months in May 2021.
Traditional Sales are down -6.9% with a median sales price of $300,000.
Foreclosure/REO Sales are down -100.0% with a median sales price (no sales) and 0 closed sales.
Short Sale Closings are N/A with 0 closed sales in May 2022 and 0 closed sales in May 2021.