BREVARD REAL ESTATE: Median Sales Price For Single-Family Homes Up 13.1% to $369,900

By  //  August 20, 2022

30-year fixed-rate mortgage averaged 5.41% in July

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 5.41% in July 2022, significantly higher than the 2.87% average during the same month a year earlier.

BREVARD COUNTY, FLORIDA – Brevard’s housing market reported higher median prices, and a rise in new listings of existing single-family homes and condos in July 2022 compared to a year ago.

The median sales price for single-family homes in Brevard was up 13.1% to $369,900.

However, inflation and higher mortgage interest rates continue to impact sales. Closed sales are down 16.4% for single-family homes and down 22.7% compared to this time last year for condos and townhomes.

“It’s hard to compare 2022 sales from last year since 2021 was such a record year for real estate sales on the Space Coast,” says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.

“Mortgage interest rates basically doubled from last year bringing affordably down for a lot of buyers in today’s market,” says McCoy.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.41% in July 2022, significantly higher than the 2.87% average during the same month a year earlier.

On the supply side of the market, additional inventory continues to increase, rising year-over-year in July. The supply of single-family existing homes increased to a 1.9-months supply while existing condo-townhouse properties are at a 1.8-months supply.

A quick recap of the Brevard County Residential Report for July 2022:

Closed Sales are down -16.5% for July 2022 in which the number of units closed was 890 compared to 1,066 in July 2021, with a decrease in cash sales of -6.6%.

■ Closed Sales are down -16.5% for July 2022 in which the number of units closed was 890 compared to 1,066 in July 2021, with a decrease in cash sales of -6.6%.

■ New Pending Sales are down -12.2% and New Listings are up 6.1%.

■ The Median Sales Price for Brevard Single Family homes is up 13.1% to $369,900 compared to a year ago, which was $327,032.

■ Months’ Supply of Inventory is up 72.7% to 1.9 months, from 1.1 months in July 2021.

■ Traditional Sales are down -15.8% with a median sales price of $369,950.

■ Foreclosure/REO Sales are down -83.3% with 2 closed sales and a median sales price of $139,000.

■ Short Sale Closings are N/A with 1 closed sale and a median sales price of $148,800.

A quick recap of the Brevard County Townhouses/Condos for July 2022:

Closed Sales are down -22.7% for July 2022 in which the number of units closed was 204 compared to 264 in July 2021, with an decrease in cash sales of -29.3%.

■ Closed Sales are down -22.7% for July 2022 in which the number of units closed was 204 compared to 264 in July 2021, with an decrease in cash sales of -29.3%.

■ New Pending Sales are down -5.4% and New Listings are up 2.0%.

■ Median Sales Price for Townhomes/Condos is up 26.0% to $302,450 compared to a year ago, which was $240,038.

■ Months’ Supply of Inventory is up 28.6% to 1.8 months in July 2022 from 1.4 months in July 2021.

■ Traditional Sales are down -22.8% with a median sales price of $304,900.

■ Foreclosure/REO Sales are 0.0% with a median sales price of $265,00 and 1 closed sale.

■ Short Sale Closings are N/A with 0 closed sales in July 2022 and 0 closed sales in July 2021.

ABOUT THE AUTHOR

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.

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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