As we delve into Brevard County, Florida's real estate market trends, April 2023 presents various developments. The data, which encompasses single-family homes and townhouses/condos, reflects certain buying trends, pricing, and inventory availability shifts.
Brevard County Residential Market
Starting with single-family homes, April 2023 saw a modest decrease in closed sales, down 5.5% from the previous year, with 978 units closed compared to 1,035 in April 2022. This dip also aligned with a significant drop in cash sales by 27.5%.
While the drop in sales might raise eyebrows, it's worth noting that new pending sales have risen 6.7%, indicating a potential upswing in future closings. However, new listings experienced a decline of 10.3%, which may impact the availability of properties for buyers in the coming months.
The median sales price for single-family homes remained stable at $360,000, identical to the price in April 2022. There was a substantial increase of 133.3% to 2.1 months' supply in inventory, up from 0.9 months in the previous year.
Traditional sales mirrored the overall trend, declining by 5.9% with a median sales price of $360,000. Interestingly, foreclosure/REO sales spiked by 66.7%, with 5 closed sales and a median price of $215,000. Short sales also saw a remarkable surge of 200%, albeit with just 3 closed sales, but with a notably high median sales price of $650,000.
Brevard County Townhouses and Condos Market
The townhouses and condos segment in Brevard County experienced more significant shifts. Closed sales in April 2023 were down by 17.0%, with the number of units closed being 254 compared to 306 in April 2022. Like the residential sector, cash sales also decreased by 29.4%.
New pending sales declined by 10.4%, while new listings dropped by 8.7%. This suggests that buyers may face reduced choices in this sector in the near future.
The median sales price for townhomes/condos increased by 4.0% to $300,000 from $288,350 a year ago, indicating a slight uptick in market values. The inventory also increased significantly, up 163.6% to 2.9 months in April 2023 from 1.1 months in April 2022.
Traditional sales in this sector fell by 17.0%, consistent with the overall trend, with a median sales price of $300,000. Foreclosure/REO sales and short sale closings in this sector were not applicable, as no such sales were reported for the period.
In summary, the Brevard County real estate market in April 2023 showed significant fluctuations. While the residential sector remained more stable, the townhouses and condos market experienced sharper declines. However, increasing median sales prices for condos/townhouses and inventory across both sectors could offer new opportunities for buyers and sellers.
At Easler Law, we strive to keep our clients, and community informed about local real estate trends to help them make the best decisions. We will continue to monitor these trends and provide updates to ensure you have the most up-to-date and accurate information.