We are through the 1st quarter of 2023 and some trends are starting to show in the new year. Active inventory has leveled off near the 2500 property mark. New listings are in line with 2021 & 2022. Average and median prices continue to rise throughout the county. More details after the review of March’s numbers.
Brevard County
Active inventory 2477
Sold Property 1339
Months Supply 1.85 months
Average Price $407,202 2022 $319,993 27.2% Increase
Median Price $337,490 2022 $268,500 25.7% Increase
List/Sale ratio 94%
Average price per SqFt $226.71 SqFt
Days On Market 44.65
Property selling in less than 7 days 395 (29.5% of the sales)
Property selling over $1M 29
Highest price sale $6M Hacienda Del Sol Merritt Island
Home sales under $200K 51
Cocoa Beach & Cape Canaveral
Condos
| A: Price range $139.9K to $1.660M | S: Price Range $93K to 1.071M |
Active inventory 118
Sold condos 65
Months supply Months 1.81
Average Price $373,768 2022 $369,781 1% Increase
Median Price $310,000 2022 $301,000 3% Increase
Average price per square foot $305.89 SqFt
Days On Market 48.66 DOM
Condos selling under $200K 6
Best selling complex Cape Shores and The Plaza with 4 sales each
Single Family Homes
| A: Price range $ 429K to $2.975M | S: Price Range $570K to 925K |
Active inventory 29
Sold homes 8
Months supply 3.63 Months
Average Price $704,625 2022 $1.027M 31.4% Decrease
Median Price $645,000 2022 $680,000 5.2% Decrease
Average price per square foot $408.41 SqFt
Days On Market 52.38
Homes selling under $500K 0
Homes selling over $1M 0
Now that you have seen the numbers for March 2023, what do you think? Is the market crashing, picking up, or settling in?
Since I am still hearing talks of a housing market crash and maybe waiting to see what prices and interest rates will do… let’s talk about signs of a housing market crash.
The inventory will definitely begin to rise. The number of sales will be dropping below recent trends. Prices would start dropping. Foreclosures would be on the rise. If there is something I overlooked, please let me know.
Let’s look at our inventory. We ended March with 2477 properties available for sale in Brevard County. March 2022 we had 834 properties available. While this is up almost 300%, our inventory is still below active inventory levels from 2018 to 2020.
Let’s look at our sales for 2023 and compare to the last 5 years. Yes, we are down 13% from 2022 and we are down 20% from 2021. However, we are in line with 2018 & 2019.
Let’s look at the average and median prices for Brevard County. Yes, comparing this month to the previous month, we are down. If you look at March 2023 to the previous March numbers, we are still trending up. All of last year, the average and median price for 2022 trended up over 2021. I am surprised we haven’t seen a dip in the county numbers yet.
Foreclosures and distressed sales rising are certainly an indicator of a changing market. March 2023 had the highest amount of foreclosure sales in our MLS since November 2021. Year to date, we are up 21% over last year. Comparing March 2023 to February 2023, foreclosure sales are up 240%. We had 12 foreclosure sales compared to 5…The 12 sales are less than 1% of our total monthly sales. Looking back at the last crash, distressed sales rising over 5% will be a concern.
If you haven’t visited the Brevard Property Appraisers website, I recommend you check it out. https://www.bcpao.us/ Dana Blickley spoke at the Space Coast Association of Realtors last week and I want to point out a graph she highlighted on their website. She emphasized she is not allowed to predict values, she wanted to point out a trend of a 4% annual growth line compared to the median home prices in Brevard County. They circled the history showing the last bubble in real estate…we are certainly trending well above this 4% annual growth rate.
Is this kind of growth sustainable? No. Should we expect some kind of correction in our housing market? Yes. The question is, when will it happen. The higher interest rates did slow down the red hot market from 2021/2022 but I think buyers are getting used to a mid 6% to 7% rate and is why we are returning to a housing market similar to the 2016 to 2019 market. If rates drop below 6% again, I believe we will have another surge of buyers coming into the market to take advantage of the dip in rates and return us to the hyper sellers’ market we saw in 2021.
What do you think will happen in our housing market in 2023?
If you are planning a move and have any questions, I am here to help. You can either call/text me at 321.795.1854 or leave a message below.
Eric Larkin is a Broker Associate with Real Broker, LLC. He lives, works, and plays in the Cocoa Beach area. If you have questions about moving or relocating to Cocoa Beach and the Space Coast, let me know! I get calls, texts, direct messages & comments on my posts every day about the real estate market and things that are happening in Cocoa Beach and the Space Coast that I love answering. Ask me your questions on moving, relocating here, or anything about the community. I am here to help. I have been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. My focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.
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