median single-family home sale price now $329,500
LOOK: Space Coast real estate market report by real estate agent Bobby Freeman. Even as the pandemic continues into 2022, the Brevard housing market reported more closed sales and median prices up from a year ago.
BREVARD COUNTY, FL – Even as the pandemic drags on into 2022, the Brevard housing market has reported more completed sales and higher median prices than a year ago.
The median sale price of existing single-family homes rose 15.7% to $265,000 from January 2022.
“High buyer demand and lack of inventory continues here on Florida’s Space Coast,” says Jennifer McCoy of McCoy Freeman Real Estate.
“This shortage of available inventory continues to put pressure on home prices,” McCoy said.
Last month, closed sales of single-family homes in Brevard totaled 770, up 6.4% year-over-year, while existing condo-townhouse sales totaled 230, up 8.5% compared to January 2021.
I will be watching closely for rising mortgage rates. As we get more data for 2022, we’ll have a better understanding of how much Florida demand could decline, as interest rates will likely rise to levels homebuyers haven’t seen in since. three years.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.45% in January 2021, significantly higher than the average of 2.74% in the same month a year earlier. .
Brevard County Residential Report Summary for January 2022:
■ Closed sales are up +6.4% for January 2022 where the number of closed units was 770 compared to 724 in January 2021, with an increase in cash sales of +42.7%.
■ New pending sales are down -7.7% and new listings are down -4.5%.
■ The median selling price of Brevard single-family homes is up +21.9% to $329,000 compared to a year ago, which was $270,000.
■ Monthly inventory supply is down -33.3% to 0.8 months, down from 1.2 months in January 2021.
■ Traditional sales are up +6.3% with a median selling price of $329,500.
■ Foreclosure/REO sales are 0.0% with 5 completed sales and a median sale price of $233,000.
■ Short sale closings are up +100% with 2 closed sales and a median sale price of $158,000.
Summary of Brevard County townhouses/condos for January 2022:
■ Closed sales are up +8.5% for January 2022 where the number of closed units was 230 compared to 212 in January 2021, with an increase in cash sales of +18.4%.
■ New pending sales are down -12.3% and new listings are down -14.7%.
■ The median selling price of townhouses/condos is up +15.7% to $265,000 compared to a year ago, which was $229,000.
■ The monthly inventory supply is down -57.1% to 0.9 months in January 2022 compared to 2.1 months in January 2021.
■ Traditional sales are up +8.5% with a median selling price of $265,000.
■ Foreclosure/REO Sales are down -100.0% with a median selling price of (no sales).
■ Short sale closes are N/A with 1 sale closed in January 2022 and 0 sale closed in January 2021.
ABOUT THE AUTHOR
Bobby Freeman, a lifelong resident of Brevard County, has been one of the area’s top real estate agents for more than two decades. In his first year as an agent, Freeman received a 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.