Space Coast Real Estate Market Report by Realtor Bobby Freeman
The housing market in Brevard saw an increase year-over-year for median time to contract, new listings and month’s supply of inventory. The median sales price for single-family homes was down 2.1%.
“Florida’s escalating mortgage rates, which hover around 7%, are proving to be a hurdle for both prospective buyers and property sellers.” says Space Coast real estate expert Jennifer McCoy of McCoy Freeman Real Estate.
“On a positive note, an increased number of active listings could provide a broader range of homes for interested buyers to choose from. This could go a long way in slowing down the rapid rise of property prices and addressing issues related to the affordability of houses” says McCoy.
In August, a total of 936 existing single-family home sales were recorded in Brevard, exhibiting a 7.1% decrease compared to August 2022.
The sales of condo-townhouses on the other hand, recorded a figure of 247, down .8% from the previous year.
The average 30-year fixed mortgage rate was hovering around 7% during the summer, compared to between 5 and 5.5% the previous summer.
Lastly, in August, the countywide median sales price for existing single-family homes stood at $370,000, down 2.1% year-over-year, whereas the median price for condo-townhouse units was $337,000, reflecting an increase of 20.4% over August 2022’s figure.
A quick recap of the Brevard County Residential Report for August 2023:
- Closed Sales are down -7.1% for August 2023 in which the number of units closed was 936 compared to 1,008 in August 2022, with an decrease in cash sales of -6.8%.
- New Pending Sales are down -13.7% and New Listings are down -7.0%.
- The Median Sales Price for Brevard Single Family homes is down -2.1% to $370,000 compared to a year ago, which was $377,835.
- Months’ Supply of Inventory is up 20.0% to 2.4 months, an increase from 2.0 months in August 2022.
- Traditional Sales are down -7.0% with a median sales price of $370,000.
- Foreclosure/REO Sales are down -50.0% with 2 closed sales and a median sales price of $275,500.
- Short Sale Closings are N/A with 0 closed sales and a median sales price of (no sales).
A quick recap of the Brevard County Townhouses/Condos for August 2023:
- Closed Sales are down -0.8% for August 2023 in which the number of units closed was 247 compared to 249 in August 2022, with an increase in cash sales of 2.9%.
- New Pending Sales are down -4.1% and New Listings are up 16.4%.
- Median Sales Price for Townhomes/Condos is up 20.4% to $377,000 compared to a year ago, which was $279,900.
- Months’ Supply of Inventory is up 94.4% to 3.5 months in August 2023 from 1.8 months in August 2022.
- Traditional Sales are down -1.2% with a median sales price of $338,600.
- Foreclosure/REO Sales up 100% with a median sales price of $148,500.
- Short Sale Closings are N/A with 0 closed sales in August 2023 and 0 closed sales in August 2022.