The Brevard County Residential Report for January 2023 provides insight into the current state of the real estate market in this area. According to the report, closed sales have decreased by 19.4% compared to January 2022, with only 621 units sold in January 2023. This is a significant drop from the 770 units sold in the same month last year. Additionally, cash sales have declined by 30.7%, indicating a slowdown in the market.
New pending sales have also dropped by 8.8%, while new listings have increased by 11.2%. This suggests that more inventory may be available, which could lead to a shift in the market in the coming months.
The median sales price for single-family homes in Brevard County has risen by 6.5% to $350,540 compared to a year ago. This increase in median sales price indicates that demand for single-family homes remains strong, despite the drop in closed sales.
On the other hand, the months' supply of inventory has increased by 187.5% to 2.3 months, up from 0.8 months in January 2022. This suggests that the market is shifting towards a buyer's market, as more inventory is now available.
In terms of sales type, traditional sales have decreased by 19.4%, with a median sales price of $352,540. Foreclosure/REO sales have increased by 20.0%, with six closed sales and a median sales price of $247,125. Meanwhile, short sale closings have dropped by 100% with no closed sales.
Moving on to townhouses and condos, the report shows that closed sales have decreased by 35.7%, with only 148 units sold in January 2023 compared to 230 in January 2022. New pending sales have also declined by 26.5%, while new listings have increased by 16.9%.
The median sales price for townhouses and condos has increased by 13.2% to $300,000, up from $265,000 a year ago. This increase in median sales price suggests that the demand for townhouses and condos remains strong in Brevard County.
The months' supply of inventory has also increased significantly, rising by 244.4% to 3.1 months in January 2023 from 0.9 months in January 2022. This indicates that more inventory may also be available in this market segment.
In terms of sales type, traditional sales have decreased by 35.4%, with a median sales price of $300,000. There were no foreclosure/REO sales, while short sale closings have dropped by 100%, with no closed sales in January 2023 and only one in January 2022.
Overall, the Brevard County Residential Report for January 2023 shows a mixed market with signs of a slowdown in closed sales, while new listings and inventory levels have increased. The rise in median sales prices for single-family homes and townhouses/condos suggests that the market remains strong, despite some changes in the sales mix. As always, it's essential to consult with a local real estate agent to help you navigate the current market conditions in Brevard County.