REAL ESTATE MARKET WATCH: Will the Space Coast Housing Market Maintain Its Momentum?

In Brevard County, there are more than 65 percent fewer single-family homes for sale

BREVARD COUNTY, FLORIDA – Last week’s Existing Home Sales Report from the National Association of Realtors shows sales have dropped by 3.7 percent compared to the month before.

This is the second consecutive month that sales have slumped.

Some see this as evidence that the red-hot real estate market may be cooling. However, there could also be a simple explanation as to why existing home sales have slowed – there aren’t enough homes to buy.

In Brevard County, there are more than 65 percent fewer single-family homes for sale compared to this time last year while buyer demand remains strong.

Nationally, there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.

“Buyer confidence is rising especially here on the Space Coast,” said Jennifer McCoy of McCoy Freeman Real Estate, which serves Florida’s Space Coast.

“If we had more inventory to sell the number of sales would have been much much higher. Florida’s Space Coast continues to be a hot spot for out-of-state real estate buyers as I continue to place many of those buyers into their new Florida home.”

The Census Bureau recently released its Monthly New Residential Sales Report, which shows that newly constructed home sales are up 20.7 percent over the previous month.

Buyer demand remains strong, and with more of the adult population becoming vaccinated and job creation data showing encouraging signs, existing home inventory is expected to grow in the coming months.

What will this mean for home Space Coast sales going forward?

Fannie Mae, Freddie Mac and the Mortgage Bankers Association have all forecast that total home sales, including existing homes and new construction, will continue their momentum both this year and next.

Living through a pandemic has caused many to re-evaluate the importance of a home and the value of homeownership. The residential real estate market will benefit from both as we move forward.

Here’s a graph showing strong home sales forecast for this year and 2022:

ABOUT THE AUTHOR

Bobby Freeman, a lifetime resident of Brevard County, has been a top Realtor in the area for over two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards from some of the largest real estate firms in the world.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have more than 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida Realtors.

Among McCoy-Freeman Group’s achievements are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County. The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.

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