BREVARD REAL ESTATE: Median Sales Price for Single-Family Homes Up 22.9% to $350,000 | Ezine Daddy

0-year fixed-rate mortgages averaged 4.17% in March

Brevard’s housing market showed the impact of rising mortgage rates, rising house prices and a lack of offers for sale in March, with fewer completed sales compared to a year ago.

BREVARD COUNTY, FLORIDA – Brevard’s housing market showed the impact of rising mortgage rates, rising house prices and a lack of listings for sale in March, with fewer completed sales compared to a year ago.

Sales of closed single-family homes fell by 7.5% compared to the same period last year. However, the median selling price for single-family homes rose 22.9% to $350,000.

“Overall, the Space Coast real estate market continued to experience rising mortgage rates, limited supply of homes for sale and rising prices,” said Jennifer McCoy of McCoy Freeman Real Estate.

“In the future, the challenge for homebuyers will be affordability with higher mortgage rates and higher selling prices,” says McCoy.

The available inventory of homes for sale continues to fall. We are now at a historic 0.07% supply of homes for sale.

The big question over the next few months will be how much the recent hike in mortgage rates will dampen price growth.

According to Freddie Mac, the interest rate on a 30-year fixed-rate mortgage averaged 4.17% in March 2021, well above the average of 3.08% in the same month last year.

A brief summary of the Brevard County Residential Report for March 2022:

Closed sales decreased by -7.5% in March 2022 when the number of closed units was 1,091 compared to 1,179 in March 2021 with a +9.3% increase in cash sales.

Closed sales decreased by -7.5% in March 2022 when the number of closed units was 1,091 compared to 1,179 in March 2021 with a +9.3% increase in cash sales.

New pending sales are down -0.2% and new listings are up 9.6%.

The median selling price for single-family homes in Brevard rose 22.9% to $350,000 compared to $284,900 a year ago

Inventories in months are down -22.2% to 0.7 months, down from 0.9 months in March 2021.

Traditional sales are down -7.6% with a median selling price of $350,000.

Foreclosures/REO sales are +25.0% with 5 completed sales and a median sale price of $246,500.

Short sale deals are 0.0% with 1 sale closed and a median sale price of $827,500.

A Brief Summary of Brevard County Townhouses/Condos for March 2022:

Closed sales are down -27.4% in March 2022 when the number of closed units was 292 compared to 402 in March 2021 with a -23.5% decrease in cash sales.

Closed sales are down -27.4% in March 2022 when the number of closed units was 292 compared to 402 in March 2021 with a -23.5% decrease in cash sales.

New pending sales are down -25.1% and new listings are down -8.9%.

The median selling price for townhomes/condos is up 29.3% to $291,000 compared to $225,000 a year ago.

Inventories in months decreased by -28.6% to 1.0 month in March 2022 from 1.4 month in March 2021.

Traditional sales are down -27.6% with a median selling price of $292,000.

Foreclosures/REO sales are N/A with median sale price of $111,125 and 1 sale completed.

Short sale deals are N/A with 0 completed sales in March 2022 and 0 completed sales in March 2021.

ABOUT THE AUTHOR

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 over 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are in the top 1% of all Florida real estate agents.

A lifelong resident of Brevard County, Bobby Freeman 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 received numerous sales awards from some of the largest real estate companies 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 over 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are in the top 1% of all Florida real estate agents.

McCoy-Freeman Group achievements include Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Real Estate Agent 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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