Despite a slight change in the Condo market in Brevard County, The Condos market is still strong. Take a look at some July numbers for Condos in Brevard County and see how buying a Condo may make more sense long term.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 5.41% in July 2022, significantly higher than the 2.87% average during the same month a year earlier.
On the supply side of the market, additional inventory continues to increase, rising year-over-year in July. The supply of existing condo-townhouse properties are at a 1.8-months supply.
A quick recap of the Brevard County Townhouses/Condos for July 2022:
■ New Pending Sales are down -5.4% and New Listings are up 2.0%.
■ Median Sales Price for Townhomes/Condos is up 26.0% to $302,450 compared to a year ago, which was $240,038.
■ Months’ Supply of Inventory is up 28.6% to 1.8 months in July 2022 from 1.4 months in July 2021.
■ Traditional Sales are down -22.8% with a median sales price of $304,900.
■ Foreclosure/REO Sales are 0.0% with a median sales price of $265,00 and 1 closed sale.
■ Short Sale Closings are N/A with 0 closed sales in July 2022 and 0 closed sales in July 2021.
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Always feel free to contact us for more information and insights regarding Condos in Brevard County.