BREVARD REAL ESTATE: Median selling price of single-family homes up 13.1% to $369,900

The 30-year fixed rate mortgage averaged 5.41% in July

Brevard’s housing market may show signs of slowing in April: Mortgage interest rates and median home prices continued to rise amid a still-limited supply of homes for sale, leading to a decrease in closed sales compared to a year ago.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.41% in July 2022, significantly higher than the average of 2.87% in the same month a year earlier. .

BREVARD COUNTY, FLORIDA – The Brevard housing market saw higher median prices and an increase in new listings of single-family homes and existing condos in July 2022 compared to a year ago.

The median sale price for single-family homes in Brevard rose 13.1% to $369,900.

However, inflation and rising mortgage interest rates continue to impact sales. Closed sales are down 16.4% for single-family homes and 22.7% compared to the same period last year for condos and townhouses.

“It’s difficult to compare 2022 sales to last year because 2021 was a banner year for real estate sales on the Space Coast,” says Jennifer McCoy of McCoy Freeman Real Estate serving the entire Space Coast of Florida.

“Mortgage interest rates have nearly doubled from a year ago, giving many buyers affordable access in today’s market,” McCoy said.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.41% in July 2022, significantly higher than the average of 2.87% in the same month a year earlier. .

On the supply side of the market, additional inventory continues to rise, increasing year over year in July. The supply of existing single family homes increased to a 1.9 month supply, while existing condominium and townhouse properties are at a 1.8 month supply.

A brief recap of the Brevard County Residential Report for July 2022:

Closed sales are down -16.5% for July 2022, in which the number of units closed was 890 compared to 1,066 in July 2021, with cash sales down -6.6%.

■ Closed sales are down -16.5% for July 2022 where the number of closed units was 890 compared to 1,066 in July 2021, with a drop in cash sales of -6.6%.

■ New pending sales are down -12.2% and new listings are up 6.1%.

■ The median selling price of Brevard single-family homes is up 13.1% to $369,900 from a year ago, which was $327,032.

■ Monthly inventory supply is up 72.7% to 1.9 months, compared to 1.1 months in July 2021.

■ Traditional sales are down -15.8% with a median sale price of $369,950.

■ Foreclosure/REO sales are down -83.3% with 2 completed sales and a median sale price of $139,000.

■ Short sale closes are N/A with 1 sale made and a median sale price of $148,800.

A quick recap of Brevard County townhouses/condos for July 2022:

Closed sales are down -22.7% for July 2022, in which the number of units closed was 204 compared to 264 in July 2021, with cash sales down -29.3%.

■ Closed sales are down -22.7% for July 2022 where the number of closed units was 204 compared to 264 in July 2021, with a drop in cash sales of -29.3%.

■ New pending sales are down -5.4% and new listings are up 2.0%.

■ The median sales price for townhouses/condos increased 26.0% to $302,450 from a year ago, which was $240,038.

■ The monthly inventory supply is up by 28.6% at 1.8 months in July 2022 compared to 1.4 months in July 2021.

■ Traditional sales are down -22.8% with a median selling price of $304,900.

■ Foreclosure/REO sales are 0.0% with a median sale price of $265.00 and 1 sale closed.

■ Short sell closes are N/A with 0 sells closed in July 2022 and 0 sells closed in July 2021.

ABOUT THE AUTHOR

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are the family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have over 40 years of in-depth experience in all aspects of the real estate industry, have sold over $420 million, and are ranked in the top 1% of all realtors in Florida.

Bobby Freeman, a lifelong resident of Brevard County, has been one of the area’s top realtors for more than two decades. In his first year as an agent, Freeman received the Rising Star award from his brokers. Since then it has won numerous sales awards from some of the largest real estate companies in the world.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are the family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. Together they have over 40 years of in-depth experience in all aspects of the real estate industry, have sold over $420 million, and are ranked in the top 1% of all realtors in Florida.

McCoy-Freeman Group’s accomplishments include Certified Luxury Homes Marketer (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted County’s Top Realtor by Brevard. The group has been featured in numerous 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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