Brevard County Real Estate Market February: A Closer Look at the Latest Trends

The Brevard County real estate market has seen its fair share of ups and downs in recent years, and the latest trends suggest that the market is continuing to evolve. In February 2022, the market saw a decrease in closed sales, new pending sales, and new listings but an increase in cash sales. Let's take a closer look at some of the latest Brevard County real estate market trends.

Closed Sales

In February 2022, closed sales in Brevard County were down by 1.0% compared to last year. The number of units closed was 880, down from 889 in February 2021. However, there was an increase of 17.7% in cash sales, indicating that buyers are willing to invest in real estate with their own funds.

New Pending Sales and New Listings

The Brevard County real estate market saw a decline in new pending sales and new listings in February 2022. New pending sales were down by 6.8%, and new listings were down by 2.1%. The decrease in new listings has contributed to a decrease in inventory levels in the market.

Median Sales Price

Despite the decrease in closed sales and new listings, the median sales price for Brevard single-family homes saw a significant increase of 22.0% from $274,500 in February 2021 to $335,000 in February 2022. This increase in price suggests that demand for homes in Brevard County remains high.

Months' Supply of Inventory

The months' supply of inventory in the Brevard County real estate market was down by 30.0% in February 2022 compared to the same period last year. The decrease from 1.0 months in February 2021 to 0.7 months in February 2022 indicates a tight market with high demand and low inventory levels.

Townhouses/Condos Market

The Brevard County townhouses/condos market saw a decrease of 7.4% in closed sales in February 2022 compared to the same period last year. However, the median sales price for townhomes/condos increased by 29.3% from $205,000 in February 2021 to $265,000 in February 2022. The months' supply of inventory also decreased significantly by 50.0% to 0.9 months in February 2022 from 1.8 months in February 2021.

Overall, the Brevard County real estate market continues to see a tight market with low inventory levels and high demand, leading to an increase in median sales prices. Despite the decrease in closed sales and new listings, cash sales and high median sales prices suggest buyers are willing to invest in the market.