BOBBY FREEMAN: Median Sales Price For Single-Family Homes in Brevard County Was $370,000 in August

mortgage rates hovering around 7%

The housing market in Brevard saw an increase year-over-year for median time to contract, new listings, and month’s supply of inventory. The median sales price for single-family homes was down 2.1%.

BREVARD COUNTY, FLORIDA – The housing market in Brevard saw an increase year-over-year for median time to contract, new listings, and month’s supply of inventory. The median sales price for single-family homes was down 2.1%.

“Florida’s escalating mortgage rates, which hover around 7%, are proving to be a hurdle for both prospective buyers and property sellers,” says Space Coast real estate expert Jennifer McCoy of McCoy Freeman Real Estate.

“On a positive note, an increased number of active listings could provide a broader range of homes for interested buyers to choose from. This could go a long way in slowing down the rapid rise of property prices and addressing issues related to the affordability of houses” says McCoy.

In August, a total of 936 existing single-family home sales were recorded in Brevard, exhibiting a 7.1% decrease compared to August 2022.

On the other hand, the sales of condo-townhouses recorded a figure of 247, down .8% from the previous year.

The average 30-year fixed mortgage rate was hovering around 7% during the summer, compared to between 5 and 5.5% the previous summer.

Lastly, in August, the countywide median sales price for existing single-family homes stood at $370,000, down 2.1% year-over-year, whereas the median price for condo-townhouse units was $337,000, reflecting an increase of 20.4% over the August 2022’s figure.

The 20.4% surge may not be as impressive as it appears, especially considering that just last month, the median sales price for condominiums witnessed a decline of more than 12%.

“Florida’s escalating mortgage rates, which hover around 7%, are proving to be a hurdle for both prospective buyers and property sellers,” says Space Coast real estate expert Jennifer McCoy of McCoy Freeman Real Estate. “On a positive note, an increased number of active listings could provide a broader range of homes for interested buyers to choose from. This could go a long way in slowing down the rapid rise of property prices and addressing issues related to the affordability of houses” says McCoy.

A quick recap of the Brevard County Residential Report for August 2023:

■ Closed Sales are down – 7.1% for August 2023 in which the number of units closed was 936 compared to 1,008 in August 2022, with a decrease in cash sales of -6.8%.

■ New Pending Sales are down – 13.7% and New Listings are down -7.0%.

■ The Median Sales Price for Brevard single-family homes is down – 2.1% to $370,000 compared to a year ago, which was $377,835.

■ Months’ Supply of Inventory is up 20.0% to 2.4 months, an increase from 2.0 months in August 2022.

■ Traditional Sales are down -7.0% with a median sales price of $370,000.

■ Foreclosure/REO Sales are down -50.0% with 2 closed sales and a median sales price of $275,500.

■ Short Sale Closings are N/A with 0 closed sales and a median sales price of (no sales).

A quick recap of the Brevard County Townhouses/Condos for August 2023:

■ Closed Sales are down -0.8% for August 2023 in which the number of units closed was 247 compared to 249 in August 2022, with an increase in cash sales of 2.9%.

■ New Pending Sales are down -4.1% and New Listings are up 16.4%.

■ Median Sales Price for Townhomes/Condos is up 20.4% to $377,000 compared to a year ago, which was $279,900.

■ Months’ Supply of Inventory is up 94.4% to 3.5 months in August 2023 from 1.8 months in August 2022.

■ Traditional Sales are down -1.2% with a median sales price of $338,600.

■ Foreclosure/REO Sales up 100% with a median sales price of $148,500.

■ Short Sale Closings are N/A with 0 closed sales in August 2023 and 0 closed sales in August 2022.

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.

For more information, log on to BrevardRealtyConnection.com

TO SEE CONDO LISTINGS LOG ON TO CocoaBeachCondoGallery.com

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