Closed Sales are down 9.7% for March 2024
BREVARD COUNTY, FLORIDA – The spring buying season is here, but stubbornly high interest rates continue to present challenges for many prospective homebuyers here on Florida’s Space Coast.
“The persistency of mortgage interest rates exceeding 7% has become a significant barrier for purchasers in the Sunshine State, notably first-time homebuyers who are grappling with these challenging financial waters,” says Jennifer McCoy of McCoy Freeman Real Estate.
“As we see a slight rise in property listings, current homeowners looking to enter the market are cautiously weighing their options, as these rates dictate not just purchasing power but also their potential return on investment,” says McCoy.
Closed sales of single-family homes were down over 9.7% in March compared to one year ago, while townhouse and condo sales were down by about 11.9% in Brevard.
Meanwhile, home price growth remained fairly calm by recent standards during March. The median price for closed sales of single-family homes in Brevard was $353,580, a year-over-year increase of 7.3%.
Over in the townhouse and condo category, the median price increased by just over 7.1% from a year ago, rising to $300,000.
More homes were listed on Florida’s multiple listing services this March than in March of a year ago.
New listings of single-family homes were up over 11% in March, well off the pace of nearly 17% in January and over 28% in February.
Likewise, in the townhouse and condo category, year-over-year growth in new listings in March was 17.6%, compared to over 20.4% in January and about 19.1% in February.
Inventory levels are something we continue to watch closely. Higher inventory levels will provide some relief in terms of affordability over time, as well as provide more choices for prospective buyers.
Recap of the Brevard County Residential Report for March 2024:
■ Closed Sales are down -9.7% for March 2024 in which the number of units closed was 931 compared to 1,031 in March 2023, with a decrease in cash sales of -9.8%.
■ New Pending Sales are down -5.9% and New Listings are up 11.3%.
■ The Median Sales Price for Brevard single-family homes is up 7.3% to $379,445 compared to a year ago, which was $353,580.
■ Months’ Supply of Inventory is up 63.6% to 3.6 months, an increase from 2.2 months in March 2023.
■ Traditional Sales are down -9.9% with a median sales price of $380,000.
■ Foreclosure/REO Sales are down -12.5% with 7 closed sales and a median sales price of $230,000.
■ Short Sale Closings N/A with 2 closed sales reported with a median sales price of $295,000.
Recap of the Brevard County Townhouses/Condos for March 2024:
■ Closed Sales are down -11.9% for March 2024 in which the number of units closed was 237 compared to 269 in March 2023, with an increase in cash sales of 11.1%.
■ New Pending Sales are down -8.2% and New Listings are up 17.4%.
■ The Median Sales Price for Brevard Townhouses/Condos is up 7.1% to $300,000 compared to a year ago, which was $280,000.
■ Months’ Supply of Inventory is up 96.7% to 5.9 months, an increase from 3.0 months in March 2023.
■ Traditional Sales are down -11.3% with a median sales price of $301,250.
■ Foreclosure/REO Sales are down -50.0% with 1 closed sale and a median sales price of $120,000.
■ Short Sale Closings are down -100% with 0 closed sales reported.
CLICK HERE FOR BREVARD COUNTY NEWS
