Countywide median sales price for single-family existing homes in May was $375,000
BREVARD COUNTY, FLORIDA – In May, Brevard’s housing market had more for-sale inventory (active listings) compared to a year ago, while the county median sales prices remained relatively flat year-over-year.
For the second month in a row, the median price for closed existing single-family home sales remained pretty much exactly in line with last year.
The countywide median sales price for single-family existing homes in May was $375,000, remaining about the same as in May 2022 ($371,450).
“Home sale prices will continue to be dictated by supply and demand. We have fewer prospective buyers than a year ago, but we also have fewer active sellers” said Jennifer McCoy with McCoy Freeman Real Estate.
“Prices will be dictated by this ratio, and unless it shifts dramatically in one direction or another, prices should remain stable in the meantime” says McCoy.
Last month, closed sales of existing single-family homes on Florida’s Space Coast totaled 1,060, down .6% year-over-year, while existing condo-townhouse sales totaled 276, down 1.8% from May 2022.
Looking at last year’s closed sales by month, we can see they peaked in March, but soon thereafter began to wane as 30 year fixed mortgage rates started rising from 3% at the beginning of the year, all the way up to 7% by November.
Higher mortgage interest rates are not only dampening sales activity, but they continue to dissuade some homeowners from selling as well, particularly those who would need to finance another home purchase in addition to selling their current home.
The rate at which single family homes came onto the market in May more or less matched the rate at which they went off market.
That’s all for this month and check back next month with the June numbers for Brevard County.
A quick recap of the Brevard County Residential Report for May 2023:
■ Closed Sales are up 0.6% for May 2023 in which the number of units closed was 1,060 compared to 1,054 in May 2022, with an decrease in cash sales of -7.5%.
■ New Pending Sales are down -11.7% and New Listings are down -14.2%.
■ The Median Sales Price for Brevard Single Family homes is down -0.9% to $371,450 compared to a year ago, which was $375,000.
■ Months’ Supply of Inventory is up 90.9% to 2.1 months, an increase from 1.1 months in May 2022.
■ Traditional Sales are up 0.6% with a median sales price of $371,950.
■ Foreclosure/REO Sales are up 33.3% with 4 closed sales and a median sales price of $280,000.
■ Short Sale Closings are down -100.0% with 0 closed sales and a median sales price of (no sales).
A quick recap of the Brevard County Townhouses/Condos for May 2023:
■ Closed Sales are up 1.8% for May 2023 in which the number of units closed was 276 compared to 271 in May 2022, with an increase in cash sales of 2.7%.
■ New Pending Sales are down -8.4% and New Listings are up 3.0%.
■ Median Sales Price for Townhomes/Condos is down -1.2% to $296,500 compared to a year ago, which was $300,000.
■ Months’ Supply of Inventory is up 181.8% to 3.1 months in May 2023 from 1.1 months in May 2022.
■ Traditional Sales are up 1.5% with a median sales price of $299,000.
■ Foreclosure/REO Sales are N/A with a median sales price of $175,000.
■ Short Sale Closings are N/A with 0 closed sales in May 2023 and 0 closed sales in May 2022.
Across the Space Coast, economic factors like mortgage rates above 6%, and still rising – but easing – inflation impacted closed home sales.
New listings of existing single-family homes for sale were down over 10% year-over-year in April, as many potential sellers continue to find it hard to justify listing their homes when they’d have to face a much higher mortgage rate on their next purchase.
“More active listings are sparking buyers’ interest and providing more homeownership opportunities, says Jennifer McCoy with McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“Our month’s supply of inventory is up over 133%. Even though this important number is up from last year, it still remains in the seller’s market category,” said McCoy.
The median price for existing Brevard single-family homes in April, meanwhile, was $360,000, which is exactly what it was last April.
This brings an end to a very remarkable more than 11-year stretch – that’s 135 months, to be exact – where the monthly median single-family home sale price in Brevard was up on a year-over-year basis.
In April, the median price for townhomes and condos was $300,000, a year-over-year increase of 4%.
Townhouse and condo inventory has remained relatively flat so far this year, but just as the case has been on the single-family side, it’s much higher than a year ago and yet, still much lower than it was before the pandemic, as well.
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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