Here's latest on Brevard's real estate market: Increasing supply, median sales price
Dave Berman, Florida Today
6 min read
If you're looking to buy a home in Brevard County, you have lots of options to choose from.
Just-released data from the Space Coast Association of Realtors shows that there was a 3.5-month supply of single-family homes on the market in February. That's up from a 3.4-month supply in January and a 2.2-month supply in February 2023.
That economic indicator is one that's widely watched in the real estate industry. It pinpoints how long it would take for all the homes for sale on the market to sell, based on the current sales volume. A low number indicates that there is a relatively low number of home options for buyers, and that it is a sellers' market. A high number indicates that there are many home choices for buyers, and that it is a buyers' market.
This home along Tropical Trail on Merritt Island is among those currently on the market.
There are similar trends in the townhouse and condo market in Brevard. There was a 5.6-month supply of townhomes and condos for sale in February. That's up from 5.4-month supply in January and a 3.1-month supply in February 2023.
The supply data in Brevard, however, is not as high as the statewide figures for February, compiled by Florida Realtors — a 6.3-month supply for existing townhomes and condos, and a 3.9-month supply for existing single-family homes.
However, Florida Realtors, the statewide real estate organization, is not panicked by the numbers. It says thebenchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers' market, and anything lower is a sellers' market.
Housing sales price trends
The median sales price of single-family homes and condos in Brevard rose in February, compared with January, but year-to-year comparisons were mixed. The median is the point at which half the homes sell for more and half sell for less, and is a figure used to prevent the skewing of the data from the sale of multimillion-dollar homes.
The median sales price for a Brevard single-family homes was up 7.7% to $376,000 in February, compared with a year ago, which was $349,000. The median price was $371,583 in January.
The median sales price for Brevard townhomes and condos was down 1.0% to $299,345 in February, compared with a year ago, which was $302,500. The median price was $283,100 in January.
The statewide median sales price for single-family homes was $415,000 in February, and ranged from $287,900 in the Ocala area to $890,000 in the Naples area.
The statewide median sales price for condos and townhomes was $325,000 in February, and ranged from $156,450 in the Sebring area to $585,000 in the Fort Walton Beach/Destin area.
Statewide housing analysis
Brevard's housing and price trends generally were similar to those experienced statewide.
In reporting on the Florida data, Florida Realtors President Gia Arvin said: “Florida’s housing supply continued to improve in February, providing momentum for buyers wanting to enter the market now to hopefully find their Florida dream home during the spring homebuying season. Though mortgage rates currently are still fluctuating near 7%, housing economists are predicting rates will start to ease in the second quarter.”
Florida Realtors Chief Economist Brad O’Connor said Florida’s home prices and number of closed home sales for the first two months of 2024 look a lot like they did at this point a year ago in early 2023.
“However, while the demand side of the equation is little-changed from last year, on the supply side, we are seeing significantly more new listings than a year ago,” O'Conner noted in his analysis. “So far this year, while you could still characterize new listings of single-family homes as being in their normal pre-pandemic range, they were at the high end of that range in February."
He noted that there were more single-family homes listed for sale in Florida this February than in any February dating back to 2008, when Florida Realtors started tracking new listings.
“While there were nearly this many new listings in both February of 2016 and 2018, this has been a remarkable turnaround, compared to where we were last year at this time, when we had the lowest number of February new listings of single-family homes since 2013," O'Connor said.
This home in south Cocoa Beach is among those currently on the market.
How long it takes to sell
The Space Coast Association of Realtors said the average time on the market for a single-family home to sell in Brevard County was 40 days in February, compared with 41 days a year ago.
Condo and townhome sales took longer — 63 days in February, compared with 34 days in February 2023.
O'Connor said condo and townhouse property new listings statewide so far in 2024 are higher than the previous “normal range,” which he attributed partly to increases in insurance rates and condo fees.
“It will take a lot more inventory to put a significant dent in home prices, but at current levels, inventory is now high enough that it should continue to slow home price growth and present buyers with a lot more options than they had two or three years ago,” O'Connor said.
