The real estate market in Brevard County, Florida, has experienced some interesting changes in the first quarter of 2023, according to the Brevard County Residential Report. The report reveals that the number of closed sales for Q1 2023 was 2,471 units, a 9.9% decrease compared to the 2,741 units closed during the same period last year (Q1 2022). There was also a decrease in cash sales of 17.1% during Q1 2023. On the other hand, new pending sales decreased by 8.2%, while new listings increased by 0.3%.
One of the most notable changes is the increase in median sales price for Brevard single-family homes. The median sales price for Q1 2023 was $350,000, a 3.2% increase from the $339,000 recorded in Q1 2022. However, the months' supply of inventory increased by 214.3% to 2.2 months, a considerable increase from the 0.7 months recorded in Q1 2022. Traditional sales decreased by 9.9%, with a median price of $350,000. Foreclosure/REO sales increased by 26.7%, with 19 closed sales and a median sales price of $253,200. There were no short-sale closings during Q1 2023.
The Brevard County Townhouses/Condos market also experienced a downturn during Q1 2023, with closed sales dropping by 21.3% to 607 units compared to 771 units in Q1 2022. There was also a decrease in cash sales of 13.9%, while new pending sales decreased by 14.7%, and new listings went up by 11.8%. The median sales price for townhomes/condos increased by 8.5% to $295,000, compared to $272,000 in Q1 2022. The months' supply of inventory increased by 200.0% to 3.0 months, compared to 1.0 months in Q1 2022.
Traditional sales in the Brevard County townhouses/condos market decreased by 21.5%, with a median sales price of $295,000. Foreclosure/REO sales, however, increased by 100.0%, with a median sales price of $153,500. There were no short-sale closings during Q1 2023, although one closed sale during Q1 2022.
In conclusion, the Brevard County Residential Report for Q1 2023 shows a mixed performance in the real estate market, with some ups and downs across different sectors. Although there was a decrease in closed sales, the increase in median sales price for single-family homes and townhouses/condos suggests that the market remains competitive. However, the increase in months' supply of inventory is a cause for concern, as it could lead to a decrease in demand and lower prices. Nonetheless, with the ongoing developments and economic growth in Brevard County, the real estate market is expected to remain resilient in the long term.