Brevard County Market Report – October 2024

by Tricia Hardy

Brevard County Market Report – October 2024

The real estate market in Brevard County continues to shift, reflecting both opportunities and challenges for buyers and sellers alike. Here's a detailed look at the residential and townhouse/condo markets for October 2024.

Single Family Homes: A Steady Rise in Prices

While sales activity slowed slightly, Brevard’s single-family home market saw a noteworthy increase in median sales prices, highlighting the demand for residential properties.

Closed Sales: Down by -1.0%, with 762 homes sold compared to 770 in October 2023.
Cash Sales: Took a significant dip, falling -17.8%.
New Pending Sales: Decreased by -12.0%, reflecting fewer transactions entering the pipeline.
New Listings: Dropped -10.2%, contributing to a tighter inventory environment.
Median Sales Price: Rose by 6.6% to $383,900, up from $360,000 last year.
Months’ Supply of Inventory: Jumped 36.7%, now at 4.1 months compared to 3.0 months in October 2023.

Distressed Properties

Foreclosures/REO Sales: Only 1 sale, an 80.0% decline, with a median price of $237,500.
Short Sales: Limited activity, with just 1 sale at a median price of $295,000.

This segment shows a resilient price growth despite fewer transactions, signaling strong buyer interest amid constrained inventory.

Townhouses and Condos: Price Adjustments Amid Fewer Sales

The townhome and condo market is undergoing a price correction, with activity slowing more dramatically than single-family homes.

Closed Sales: Dropped -21.8%, with 151 units sold versus 193 in October 2023.
Cash Sales: Declined sharply by -45.1%, reflecting cautious investor behavior.
New Pending Sales: Down -15.2%, indicating fewer contracts being signed.
New Listings: Fell -18.5%, tightening supply further.
Median Sales Price: Dropped -7.5% to $277,500, down from $300,000 last year.
Months’ Supply of Inventory: Increased 53.5% to 6.6 months, compared to 4.3 months in October 2023.

Distressed Properties

Foreclosures and Short Sales: No activity reported in October 2024.

The sharp decline in sales and cash transactions suggests a cooling in this segment, potentially creating opportunities for buyers to negotiate favorable terms.

Key Takeaways for Buyers and Sellers

For Buyers: Rising inventory levels, particularly in the townhouse/condo market, might provide opportunities to find properties without intense bidding wars. However, the increasing prices in the single-family market indicate the need to act decisively on well-priced homes.
For Sellers: While fewer homes are selling, rising prices in the single-family market suggest strong demand. Pricing competitively and ensuring properties are move-in ready will be key.
Market Trends to Watch:
- Rising inventory levels may balance the market further in favor of buyers.
- The disparity in cash sales and price movements between single-family homes and townhouses/condos highlights the importance of understanding specific market segments.

The Brevard real estate market is evolving, presenting unique opportunities for those ready to navigate its nuances. Whether you're buying, selling, or investing, staying informed about local trends is essential.

Have questions about what this means for you? Contact me today for expert insights and guidance tailored to your needs!