BREVARD REAL ESTATE: Median Sales Price of Single-Family Home Up 22% in February to $330,008
By Bobby Freeman, Realtor // March 22, 2022
30-year fixed-rate mortgage averaged 3.76% in February
BREVARD COUNTY, FLORIDA – The lack of housing inventory, rising mortgage rates, and home prices continued to impact the Brevard housing market in February, slowing closed sales and pushing median prices to increase compared to a year ago.
Last month, the median sales price of single-family homes in Brevard was up 22% year-over-year to $335,000, while existing condo-townhouse median sales price was up 29% to $330,008.
“High buyer demand, a limited supply of for-sale inventory, and rising prices continue here on Florida’s Space Coast,” said Jennifer McCoy with McCoy Freeman Real Estate.
“When homes hit the market, many multiple offers follow shortly after that,” said McCoy.
The median time to contract is nine days, down 50%, compared to this time last year.
There’s still no shortage of housing demand, but affordability is becoming a bigger challenge for potential buyers as each month goes by.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.76% in February 2021, significantly higher than the 2.81% average during the same month a year earlier.
A quick recap of the Brevard County Residential Report for February 2022:
■ Closed Sales are down -1.0% for February 2022 in which the number of units closed was 880 compared to 889 in February 2021, with an increase in cash sales of +17.7%
■ New Pending Sales are down -6.8% and New Listings are down -2.1%.
■ The Median Sales Price for Brevard Single Family homes is up +22.0% to $335,000 compared to a year ago, which was $274,500.
■ Months’ Supply of Inventory is down -30.0% to 0.7 months, a decrease from 1.0 months in February 2021.
■ Traditional Sales are down -0.6% with a median sales price of $335,000.
■ Foreclosure/REO Sales are -16.7% with 5 closed sales and a median sales price of $200,000.
■ Short Sale Closings are down -75.0% with 1 closed sale and a median sales price of$340,000.
A quick recap of the Brevard County Townhouses/Condos for February 2022:
■ Closed Sales are down -7.4% for February 2022 in which the number of units closed was 249 compared to 269 in February 2021, with a decrease in cash sales of -12.4%.
■ New Pending Sales are down -21.1% and New Listings are down -14.2%.
■ Median Sales Price for Townhomes/Condos is up +29.3% to $265,000 compared to a year ago, which was $205,000.
■ Months’ Supply of Inventory is down -50.0% to 0.9 months in February 2022 from 1.8 months in February 2021.
■ Traditional Sales are down -7.4% with a median sales price of $265,000.
■ Foreclosure/REO Sales are N/A with a median sales price of (no sales).
■ Short Sale Closings are N/A with 0 closed sales in February 2022 and 0 closed sales in February 2021.
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.