Median Sales Price for Brevard Townhouses/Condos are down -5.6%
BREVARD COUNTY, FLORIDA – Brevard’s housing market started 2024 with higher median prices, more new listings, more inventory, and median prices in January compared to a year ago.
However, mortgage interest rates above 6% continued to impact potential homebuyers’ purchase power, while also contributing to a lock-in effect among would-be home sellers who bought their homes years ago with a mortgage rate of 3% to 4.5%.
“As mortgage rates begin to stabilize and potentially decrease, we anticipate that more buyers who’ve been waiting will make their move and we’ll start to see an increase in completed home sales,” says Jennifer McCoy of McCoy Freeman Real Estate serving all of Florida’s Space Coast.
The number of newly listed single-family homes saw a 14.8% increase compared to last year, and the new listings for townhomes and condos rose by 20.4%.
This maintains a pattern observed over recent months, primarily linked to the unusually low new listing figures in the latter part of 2022 and the beginning of 2023, which was largely a result of the quickly escalating mortgage rates during that period.
“This is encouraging for potential homebuyers seeking a wider range of options on the market,” says Jennifer McCoy. “While affordability continues to be a hurdle, the current increase in inventory is anticipated to help stabilize price increases for the foreseeable future.”
Recap of the Brevard County Residential Report for January 2024:
■ Closed Sales are down -6.4% for January 2024 in which the number of units closed was 581 compared to 621 in January 2023, with a decrease in cash sales of -3.0%.
■ New Pending Sales are down -5.7% and New Listings are up 14.8%.
■ The Median Sales Price for Brevard Single Family homes is up 6.0% to $371,583 compared to a year ago, which was $350,540.
■ Months’ Supply of Inventory is up 47.8% to 3.4 months, an increase from 2.3 months in January 2023.
Traditional Sales are down -6.8% with a median sales price of $373,888.
■ Foreclosure/REO Sales are reported the same as January 2023 with 0% change and with 6 closed sales year over year. A median sales price was reported of $238,050.
■ Short Sale Closings N/A with 2 closed sales and a median sales price of $328,250
Recap of the Brevard County Townhouses/Condos for January 2024:
■ Closed Sales are down -10.8% for January 2024 in which the number of units closed was 132 compared to 148 in January 2023, with a decrease in cash sales of -25.5%.
■ New Pending Sales are down -18.3% and New Listings are up 20.4%.
■ The Median Sales Price for Brevard Townhouses/Condos is down -5.6% to $283,100 compared to a year ago, which was $300,000.
■ Months’ Supply of Inventory is up 74.2% to 5.4 months, an increase from 3.1 months in January 2023.
■ Traditional Sales are down -10.8% with a median sales price of $283,100.
■ Foreclosure/REO Sales are N/A with 0 closed sales reported.
■ Short Sale Closings are N/A with 0 closed sales reported.
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
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Related Story:REAL ESTATE MARKET REPORT: Median Sales Price for Brevard Single Family Homes Up 14 Percent to $259,571
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