0-year fixed-rate mortgage averaged 4.17% in march
BREVARD COUNTY, FLORIDA – Brevard’s housing market in March showed the impact of rising mortgage rates, increased home prices, and a shortfall of for-sale supply, with fewer closed sales compared to a year ago.
Closed single-family sales were down 7.5% compared to this time last year. However, the median sales price for single-family homes was up 22.9% to $350,000.
“Overall, the Space Coast real estate market continued to see a rise in mortgage interest rates, a limited supply of homes for sale, and rising prices,” says Jennifer McCoy with McCoy Freeman Real Estate.
“Moving forward, the challenge for homebuyers will be affordability with the higher mortgage rates and higher sales prices,” says McCoy.
Available inventory of homes for sale continues to fall. We are now at a historic rate of .07% supply of available homes for sale.
The big question over the next few months will be how much the recent elevation in mortgage rates will slow price growth.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.17% in March 2021, significantly higher than the 3.08% average during the same month a year earlier.
A quick recap of the Brevard County Residential Report for March 2022:
Closed Sales are down -7.5% for March 2022 in which the number of units closed was 1,091 compared to 1,179 in March 2021, with an increase in cash sales of +9.3%.
New Pending Sales are down -0.2% and New Listings are up 9.6%.
The Median Sales Price for Brevard Single Family homes is up +22.9% to $350,000 compared to a year ago, which was $284,900
Months’ Supply of Inventory is down -22.2% to 0.7 months, a decrease from 0.9 months in March 2021.
Traditional Sales are down -7.6% with a median sales price of $350,000.
Foreclosure/REO Sales are +25.0% with 5 closed sales and a median sales price of $246,500.
Short Sale Closings are 0.0% with 1 closed sale and a median sales price of $827,500.
A quick recap of the Brevard County Townhouses/Condos for March 2022:
Closed Sales are down -27.4% for March 2022 in which the number of units closed was 292 compared to 402 in March 2021, with a decrease in cash sales of -23.5%.
New Pending Sales are down -25.1% and New Listings are down -8.9%.
The Median Sales Price for Townhomes/Condos is up +29.3% to $291,000 compared to a year ago, which was $225,000.
Months’ Supply of Inventory is down -28.6% to 1.0 months in March 2022 from 1.4 months in March 2021.
Traditional Sales are down -27.6% with a median sales price of $292,000.
Foreclosure/REO Sales are N/A with a median sales price of $111,125 and 1 closed sale.
Short Sale Closings are N/A with 0 closed sales in March 2022 and 0 closed sales in March 2021.
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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