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A quick recap of the Brevard County Residential Report for February 2025:
- Closed Sales are down -3.2% for February 2025 in which the number of units closed was 745 compared to 770 in February 2024, with a decrease in cash sales of -18.1%.
- New Pending Sales are down -9.4% and New Listings are down -5.6%.
- The Median Sales Price for Brevard Single Family homes is up 0.8% to $378,854 compared to a year ago, which was $376,000.
- Months' Supply of Inventory is up 22.9% to 4.3 months, an increase from 3.5 months in February 2024.
- Traditional Sales are down -3.4% with a median sales price of $379,995.
- Foreclosure/REO Sales are 0% with 8 closed sales and a median sales price of $244,950.
- Short Sale Closings are N/A with 1 closed sales and a median sales price of $174,000.
Overall, the Brevard County residential market in February 2025 shows a slowdown in sales activity but an increase in inventory and prices.
- Fewer Homes Sold: Closed sales dropped by 3.2%, and cash sales saw a notable decline (-18.1%).
- Lower Buyer Activity: New pending sales and new listings both decreased, indicating fewer buyers and sellers entering the market.
- Prices Holding Steady: The median sales price increased slightly (+0.8%), showing some stability in home values.
- More Inventory Available: Months' supply of inventory rose by 22.9%, meaning more homes are available, shifting toward a more balanced market.
- Distressed Sales Remain Low: Foreclosures and short sales remain minimal, suggesting a relatively stable housing environment.
Overall, the market is cooling slightly with fewer sales and rising inventory, but home prices remain steady.
A quick recap of the Brevard County Townhouses/Condos for February 2025:
- Closed Sales are down -8.6% for February 2025 in which the number of units closed was 170 compared to 186 in February 2024, with a decrease in cash sales of -19.1%.
- New Pending Sales are down -24.2% and New Listings are up 11.2%.
- The Median Sales Price for Brevard Townhouses/Condos is up 1.1% to $302,500 compared to a year ago, which was $299,345.
- Months' Supply of Inventory is up 48.2% to 8.3 months, an increase from 5.6 months in February 2024.
- Traditional Sales are down -8.7% with a median sales price of $302,500.
- Foreclosure/REO Sales are 0% with 2 closed sales and a median sales price of $320,000.
- Short Sale Closings are N/A with 0 closed sales and a median sales price of (no sales.)
Overall, the Brevard County townhouse/condo market in February 2025 is experiencing a slowdown in sales, an increase in available inventory, and steady price growth.
- Sales Activity Declining: Closed sales dropped by 8.6%, with a significant 19.1% decrease in cash sales, indicating reduced demand.
- Fewer Buyers, More Sellers: New pending sales fell sharply (-24.2%), but new listings increased (+11.2%), suggesting more properties are available but fewer buyers are making offers.
- Prices Holding Steady: The median sales price increased slightly by 1.1%, showing resilience despite the lower sales volume.
- Inventory Rising Significantly: Months' supply of inventory jumped 48.2%, now at 8.3 months, signaling a shift toward a buyer's market with more choices available.
- Minimal Distressed Sales: Foreclosures and short sales remain very low, showing overall market stability.
The condo/townhouse market is slowing, with more listings and fewer buyers. Prices remain stable, but rising inventory suggests longer selling times and potential pricing adjustments ahead.
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