The average fixed-term 0-year mortgage was 4.17% in March
Brevard County, Florida – The Brevard housing market in March demonstrated the impact of higher mortgage rates, increased home prices and a lack of supply, with fewer closed sales than last year.
Closed single-family sales are down 7.5% compared to this time last year. However, the median sales price for single-family homes increased 22.9% to $350,000.
“Overall, the Space Coast real estate market continued to see higher mortgage rates, a limited supply of homes for sale, and higher prices,” says Jennifer McCoy of McCoy Freeman Real Estate.
“Going forward, the challenge for homebuyers will be affordability as mortgage rates rise and sales prices go up,” McCoy says.
The available inventory of homes for sale continues to decline. We are now at a historical rate of 0.07% of the supply of homes available for sale.
The big question over the next few months will be to what extent the recent rise in mortgage rates will slow down price growth.
According to Freddie Mac, the 30-year mortgage rate averaged 4.17% in March 2021, well above the 3.08% average during the same month the previous year.
A quick summary of the Brevard County Residential Report for March 2022:
Closed sales decreased by -7.5% for the month of March 2022 as the number of closed units reached 1,091 compared to 1,179 units in March 2021, with cash sales increasing by 9.3%.
New pending sales decreased -0.2% and new listings decreased 9.6%.
The median sale price of Brevard single family homes increased +22.9% to $350,000 from last year, which was $284,900.
Monthly inventory supply decreased -22.2% to 0.7 months, down from 0.9 months in March 2021.
Conventional sales are down -7.6% with an average price of $350,000.
Foreclosure sales/elimination of losses was +25.0% with 5 closed sales and an average selling price of $246,500.
Short Selling Closes 0.0% with 1 Closed Selling and Average Selling Price of $827,500.
A quick summary of Brevard County’s March 2022 homes/apartments:
Closed sales decreased by 27.4% for the month of March 2022 as the number of closed units was 292 compared to 402 in March 2021, with a decrease in cash sales by -23.5%.
New pending sales are down -25.1% and new listings are down -8.9%.
The median sale price of condominiums/apartments increased by 29.3% to $291,000 compared to last year, which was $225,000.
Months inventory supply decreased -28.6% to 1.0 months in March 2022 from 1.4 months in March 2021.
Conventional sales are down -27.6% with an average price of $292,000.
Foreclosure / Fallout sales not available with an average sale price of $111,125 and one closed sale.
Short sale closings are not available with 0 sales closed in March 2022 and 0 sales closed in March 2021.
About the author
A lifelong resident of Brevard County, Bobby Freeman has been a top realtor in the area for more than two decades. In his first year as an agent, Freeman received a Rising Star award from his brokers. Since then he has received numerous sales awards from some of the world’s largest real estate companies.
Freeman, Jennifer McCoy and Nikki McCoy Freeman are co-owners of the McCoy Freeman Real Estate Group on the Space Coast in Florida. Together they have over 40 years of extensive experience in all aspects of the real estate industry, have sold over $420 million and are ranked in the top 1% of all Florida real estate brokers.
Among the accomplishments of the McCoy Freeman Group are Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Real Estate Expert (CDPE), Certified Buyer Representative (ABR) and voted Best Realtor in Brevard County. The group has appeared in numerous news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine, and SpaceCoastDaily.com.