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BOBBY FREEMAN: Median sales price for single-family homes in Brevard County in May $375,000

BOBBY FREEMAN: Median sales price for single-family homes in Brevard County in May 5,000
BOBBY FREEMAN: Median sales price for single-family homes in Brevard County in May 5,000

Mortgage interest rates are below 7%

Space Coast real estate market statistics for May were just released, and by and large, they show a continuation of the trends we’ve seen over the past few months. Single-family home sales in Brevard County increased 1% year over year in May, while townhome and condo sales increased more than 2.2%.

BREVARD COUNTY, FLORIDA – Space Coast real estate market statistics for May were just released, and by and large, they show a continuation of the same trends we’ve seen over the past few months.

Single-family home sales in Brevard County increased 1% in May compared to a year ago, while townhome and condo sales increased over 2.2%.

“With May bringing an increase in Florida’s housing inventory, potential buyers now have a wider selection of homes to choose from and more supply on the market,” says Jennifer McCoy of McCoy Freeman Compass.

“The growing supply of available properties and the increase in new listings should mitigate the impact of rising average prices, especially with mortgage rates just below 7%,” says McCoy.

“With May bringing an increase in Florida’s housing supply, prospective buyers now have more homes to choose from and more selection on the market,” says Jennifer McCoy of McCoy Freeman Compass. “The growth in the number of available homes along with an increase in new listings will likely mitigate the impact of rising average prices, especially with mortgage rates hovering just under 7%,” says McCoy.

Year-over-year home price growth was the weakest in several months. The median sales price for single-family homes in Brevard was $375,000, up just over 1% from May of last year. For townhomes and condos, the median sales price fell 2.2% to $290,000.

New listings for single-family homes rose over 20% in May, the lowest year-over-year increase we’ve reported this year, aside from March’s less than 11.3% increase. For townhomes and condos, new listings rose nearly 20.1% year-over-year in May, also the second-lowest increase reported for that property category in 2024.

While sales growth is stagnating and the number of new arrivals is still increasing compared to the previous year, inventory levels continue to rise nationwide.

A quick summary of the Brevard County Residential Report for May 2024:

■ Closed sales increased 1.0% in May 2024. The number of closed units was 1,071 compared to 1,060 in May 2023, with cash sales decreasing -14.6%.

■ The number of new pending sales decreased by -3.7%, the number of new offers increased by 20.0%.

■ The median sales price for single-family homes in Brevard increased 1.0% to $375,000 compared to the same period last year when it was $371,450.

■ Multi-month inventory increased 81.0% to 3.8 months, up from 2.1 months in May 2023.
Traditional sales increased 0.3%, with the median sales price at $375,000.

■ Foreclosure/REO sales increased 175.0% with 11 closed sales and a median sales price of $250,000.

■ Short Sales Completions N/A with 1 completed sale and a median sales price of $440,000.

A quick summary of townhouses/condos in Brevard County for May 2024:

■ Closed sales increased 2.2% in May 2024. The number of closed units was 282 compared to 276 in May 2023, with cash sales decreasing -0.6%.

■ The number of new pending sales decreased by -10.4%, the number of new listings increased by 20.1%.

■ The median sales price for townhomes/condos in Brevard decreased by -2.2% to $290,000 from $296,500 last year.

■ Multi-month inventory increased 106.5% to 6.4 months, up from 3.1 months in May 2023.

■ Traditional sales increased 1.8%, with the median sales price at $290,000.

■ Foreclosure/REO sales increased 100.0%, with 2 closed sales and a median sales price of $292,500.

■ There are no short sale transactions, 0 completed sales were reported.

ABOUT THE AUTHOR

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. 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 real estate agents in Florida.

A lifelong resident of Brevard County, Bobby Freeman has been one of the area’s top real estate agents for over two decades. In his first year as a broker, Freeman received the “Rising Star” award from his brokers. Since then, he has received numerous sales awards from some of the largest real estate firms in the world.

Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family owners of the McCoy-Freeman Real Estate Group on Florida’s Space Coast. 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 real estate agents in Florida.

The McCoy-Freeman Group’s accolades include Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR), and being named Best Real Estate Agent in Brevard County. The group has been featured in many 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.

For more information, visit BrevardRealtyConnection.com.

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