The real estate market in Brevard County, Florida, saw a slight dip in closed sales for February 2022, with a decrease of 1.0% in the number of units closed compared to the same period last year. However, there was a significant increase of 17.7% in cash sales. New pending sales and new listings decreased by 6.8% and 2.1%, respectively.
Despite the decline in closed sales and new listings, the median sales price for Brevard single-family homes grew by 22.0%, from $274,500 in February 2021 to $335,000 in February 2022. The months' supply of inventory also decreased by 30.0% to 0.7 months, indicating a tight market.
Looking at the types of sales, traditional sales decreased by 0.6%, with a median sales price of $335,000. Foreclosure/REO sales declined by 16.7%, with 5 closed sales and a median sales price of $200,000. Short sale closings saw a significant decrease of 75.0%, with only 1 closed sale and a median sales price of $340,000.
Brevard County Townhouses/Condos Report for February 2022:
In February 2022, the Brevard County townhouses/condos market saw a decrease of 7.4% in closed sales compared to the same period last year, with 249 units closed. There was also a decline of 12.4% in cash sales. New pending sales and new listings saw a more significant decline of 21.1% and 14.2%, respectively.
Despite declining sales, the median sales price for townhomes/condos saw a substantial increase of 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.
Looking at the types of sales, traditional sales decreased by 7.4%, with a median sales price of $265,000. Foreclosure/REO sales were unavailable, and there were no short-sale closings in February 2022, with 0 closed sales in February 2021.
Overall, the Brevard County real estate market continued to see a tight market with low inventory levels and high demand, increasing median sales prices for single-family homes and townhomes/condos. However, the market did experience a slight dip in closed sales and new listings.