Steady Trends Signal Stabilization in Brevard’s Real Estate Market: Industry Expert Weighs In
by Bobby Freeman Realtor
Brevard’s housing market demonstrated signs of consistent price stabilization and improving inventory levels throughout June and the second quarter (2Q) of 2023.
According to Jennifer McCoy, a seasoned real estate expert with McCoy Freeman Real Estate, “Brevard’s housing market is stabilizing. Despite some challenges, improved inventory levels and steady prices infuse buyer and seller confidence. I’m optimistic that these positive trends will bolster market activity and foster steady growth here on Florida’s Space Coast.”
According to recent data from Space Coast Realtors, year-on-year (YOY), the median price for a single-family home remained stable at $365,000, with a supply period of 2.2 months. The YOY median price for condos was up 5.9% to $301,950, with a supply period of 3.2 months compared to 1.5 months from this time last year.
Typically, a housing market is considered a buyer’s market when there is more than 6 months of supply. This means that if no new houses are listed, it would take six months or more to sell all of the houses currently for sale.
Interestingly, the number of new listings this June was pretty close to the number we had in June of 2019, so in that regard, there’s actually been an improvement. Potential sellers who have been on the fence for the past several months may finally be starting to realize that this higher level of interest rates is going to be more persistent than they may have originally thought.
Meanwhile, the total closed sales for single-family homes statewide slowed by 7.9% YOY, whereas condo-townhouse sales slowed by 11% over June 2022. Similarly, statewide home sales for 2Q 2023 saw single-family home sales down by 11.2% and condo-townhouse sales down by 17.7% YOY.
The decline in closed sales was likely due to the dated 30-year fixed-rate mortgage that rose to approximately 5% in June 2022 and between 6.5% to 7% in June 2023.
Reflecting on the current market conditions, Jennifer McCoy says, “Understanding the evolving dynamics of the real estate market is crucial for making informed decisions. Keeping track of shifts in factors like interest rates or inventory trends, and leveraging them to our advantage, is key for successful transactions in 2023.”
A quick recap of the Brevard County Residential Report for June 2023:
Closed Sales are down -7.7% for June 2023 in which the number of units closed was 1,018 compared to 1,103 in June 2022, with an decrease in cash sales of -13.2%.
New Pending Sales are down -6.6% and New Listings are down -23.7%.
The Median Sales Price for Brevard Single Family homes is down -0.7% to $365,000 compared to a year ago, which was $367,525.
Months’ Supply of Inventory is up 46.7% to 2.2 months, an increase from 1.5 months in June 2022.
Traditional Sales are down -7.8% with a median sales price of $365,000.
Foreclosure/REO Sales are up 50% with 6 closed sales and a median sales price of $172,500.
Short Sale Closings are down -100.0% with 0 closed sales and a median sales price of (no sales).
A quick recap of the Brevard County Townhouses/Condos for June 2023:
Closed Sales are down -12.1% for June 2023 in which the number of units closed was 248 compared to 282 in June 2022, with an decrease in cash sales of -11.3%.
New Pending Sales are up 2.8% and New Listings are down -15.5%.
Median Sales Price for Townhomes/Condos is up 5.9% to $301,950 compared to a year ago, which was $285,000.
Months’ Supply of Inventory is up 113.3% to 3.2 months in June 2023 from 1.5 months in June 2022.
Traditional Sales are down -11.7% with a median sales price of $301,950.
Foreclosure/REO Sales down -100% with a median sales price of (no sales).
Short Sale Closings are N/A with 0 closed sales in June 2023 and 0 closed sales in June 2022.
