BREVARD REAL ESTATE: Seller’s Market Slows, Closed Sales of Houses, Condos Down More Than 20 Percent
By Bobby Freeman, Realtor // January 6, 2023
rising mortgage interest rates are forcing some buyers out of the market
WATCH: This Brevard Real Estate Market Report is provided by Bobby Freeman of McCoy Freeman Real Estate.
“Buyers are now having more choices and time to find a home that fits their needs,” said Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
BREVARD COUNTY, FLORIDA – Brevard’s housing market reported higher median prices and more inventory (active listings) in October compared to a year ago, though inflation and rising interest rates remained a factor for buyers.
Closed sales of single-family homes countywide last month totaled 871, down 20.7% year-over-year, while existing condo-townhouse sales totaled 193, down 30.6% from October 2021.
“The historical seller’s market started to slowly end around March of this year as the Fed began to reverse its course in order to fight inflation in the economy,” said Jennifer McCoy, Broker/Owner of McCoy Freeman Real Estate.
“The rapid increase in mortgage interest rates dramatically increased the monthly payments required for new mortgages causing many buyers to suspend their home searches.”
However, monthly sales still remain in the neighborhood of pre-pandemic levels despite today’s significantly higher home prices and mortgage rates only illustrates that despite these headwinds, housing demand in Florida continues to receive support from its recent surge in post-pandemic in-migration, vacation home purchases, and the ever-increasing number of millennials looking to find a home for their growing families.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 6.90% in October 2022, significantly up from the 3.07% average during the same month a year earlier.
Recap of the Brevard County Residential Report for October 2022:
■ Closed Sales are down -20.7% for October 2022, in which the number of units closed was 871 compared to 1,098 in October 2021, with a decrease in cash sales of -34.7%.
■ New Pending Sales are down -34.6%, and New Listings are down -2.4%.
■ The Median Sales Price for Brevard Single Family homes is up 10.5% to $363,500 compared to a year ago, which was $329,105.
■ Months’ Supply of Inventory is up 109.1% to 2.3 months, from 1.1 months in October 2021.
■ Traditional Sales are down -20.9%, with a median sales price of $363,500.
■ Foreclosure/REO Sales are up 100%, with four closed sales and a median sales price of $201,950
■ Short Sale Closings are 0.0%, with two closed sales and a median sales price of $242,500.
Recap of the Brevard County Townhouses/Condos for October 2022:
■ Closed Sales are down -30.6% for October 2022, in which the number of units closed was 193 compared to 278 in October 2021, with a decrease in cash sales of -23.2%.
■ New Pending Sales are down -39.5%, and New Listings are down -7.5%.
■ Median Sales Price for Townhomes/Condos is up 29.5% to $325,000 compared to a year ago, which was $251,000.
■ Months’ Supply of Inventory is up 50% to 2.1 months in October 2022 from 1.4 months in October 2021.
■ Traditional Sales are down -30.9%, with a median sales price of $325,000.
■ Foreclosure/REO Sales N/A (No Sales)
■ Short Sale Closings N/A (No Sales)
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.