BREVARD REAL ESTATE: Median Sales Price For Single-Family Homes Up 22.3% to $360,000
By Bobby Freeman, Realtor // May 29, 2022
30-year fixed-rate mortgage averaged 4.98% in April
BREVARD COUNTY, FLORIDA – Brevard’s housing market may be showing some beginning signs of cooling in April: Mortgage interest rates and median home prices continued to rise amid a still-constrained supply of for-sale homes, resulting in fewer closed sales compared to a year ago.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.98% in April, significantly higher than the 3.06% average during the same month a year earlier.
“Looking forward, price growth should start to moderate in response to these higher rates, so this is an important statistic to keep your eye on over the next few months,” said Jennifer McCoy with McCoy Freeman Real Estate, which serves all of Florida’s Space Coast.
In April, closed sales for single-family homes were down 11.7% and active inventory was up 4.8% from this time last year in Brevard.
“More inventory is good for buyers but new listings are still selling faster than ever,” says McCoy.
The median time to contract was down 30% to 7 days and the median time to sell was down 18.5% to 44 days compared to this time last year.
Sales prices are still increasing. The median sales price in Brevard for single-family homes was up 22.3% to $360,000.
Recap of the Brevard County Residential Report for April 2022:
■ Closed Sales are down -11.7% for April 2022 in which the number of units closed was 1,035 compared to 1,172 in April 2021, with an increase in cash sales of 11.9%.
■ New Pending Sales are down -14.5% and New Listings are up 1.2%.
■ The Median Sales Price for Brevard Single Family homes is up 22.3% to $360,000 compared to a year ago, which was $294,450.
■ Months’ Supply of Inventory is 0.0% to 0.9 months, no change from 0.9 months in April 2021.
■ Traditional Sales are down -11.2% with a median sales price of $361,000.
■ Foreclosure/REO Sales are down -66.7% with 3 closed sales and a median sales price of $230,850.
■ Short Sale Closings are down -50.0% with 1 closed sale and a median sales price of $300,000.
Recap of the Brevard County Townhouses/Condos for April 2022:
■ Closed Sales are down -15.2% for April 2022 in which the number of units closed was 306 compared to 361 in April 2021, with an increase in cash sales of 0.6%.
■ New Pending Sales are down -9.4% and New Listings are down -4.2%.
■ The median Sales Price for Townhomes/Condos is up 13.1% to $288,350 compared to a year ago, which was $255,000.
■ Months’ Supply of Inventory is down -by 8.3% to 1.1 months in April 2022 from 1.2 months in April 2021.
■ Traditional Sales are down -14.8% with a median sales price of $288,350.
■ Foreclosure/REO Sales are down -100.0% with a median sales price of N/A and 0 closed sales.
■ Short Sale Closings are N/A with 0 closed sales in April 2022 and 0 closed sales in April 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.