Closed Sales are up 18.5% for November 2023
BREVARD COUNTY, FLORIDA –Brevard buyers faced high mortgage rates with 30-year fixed rates between 7.5 to 8%. Brevard’s real estate market slowed in November, even though there was a year-over-year increase in closed single-family home sales by over 18.5%, and townhouse and condo sales by 6.2%.
“Space Coast home seekers received encouraging updates in November, thanks to a softening in mortgage rates and a countywide upswing in available properties,” says Jennifer McCoy of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
“The number of existing single-family homes on the market climbed by 18.5% last month, and the active inventory for condo-townhouse properties soared by 71.4%. This expansion in inventory offers a broader selection for those buyers who felt disheartened by the market in the past” says McCoy.
New listings in Brevard, compared to last year, rose by over 14.6% for single-family homes and 42.9% for townhouses and condos.
Monthly supply of inventory levels are growing and may reach pre-pandemic numbers soon, with single-family home inventory up by 25% and townhouse and condo inventory by almost 87.5%.
This increasing supply could lead to a more balanced market, giving buyers more choices and potentially slowing down the rapid price increases that have been seen in many places during the pandemic.
A quick recap of the Brevard County Residential Report for November 2023:
■ Closed Sales are up 18.5% for November 2023 in which the number of units closed was 795 compared to 671 in November 2022, with an increase in cash sales of 45.3%.
■ New Pending Sales are up 6.3% and New Listings are up 14.6%.
■ The Median Sales Price for Brevard Single Family homes is up 3.4% to $367,000 compared to a year ago, which was $355,000.
■ Months’ Supply of Inventory is up 25.0% to 3.0 months, an increase from 2.4 months in November 2022.
■ Traditional Sales are up 18.4% with a median sales price of $367,130.
■ Foreclosure/REO Sales are 0.0% with 3 closed sales and a median sales price of $300,000.
■ Short Sale Closings are N/A with 1 closed sale and a median sales price of $455,000
A quick recap of the Brevard County Townhouses/Condos for November 2023:
■ Closed Sales are up 6.2% for November 2023 in which the number of units closed was 172 compared to 162 in November 2022, with an increase in cash sales of 33.7%.
■ New Pending Sales are up 22.9% and New Listings are up 42.9%.
■ The Median Sales Price for Brevard Single Family homes is down -1% to $287,000 compared to a year ago, which was $289,950.
■ Months’ Supply of Inventory is up 87.5% to 4.5 months, an increase from 2.4 months in November 2022.
■ Traditional Sales are up 6.8% with a median sales price of $287,000.
■ Foreclosure/REO Sales are down -100% with 0 closed sales and a median sales price of (no sales.)
■ Short Sale Closings are N/A with 0 closed sales and a median sales price of (no sales.)
Related Story:HOT OFF THE PRESS! December 25, 2023 Space Coast Daily News – Brevard County’s Best Newspaper
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