Brevard County Housing Market in Decline
Like most of the Sunshine State, the Brevard County housing market, which was looking steady until recently, isn’t showing immediate signs of bouncing back from a sharp decline suffered this summer.
The decline in the area’s housing market is across the board. Compared with a year earlier, existing-home sales, condo sales, permits for new home construction and home prices were all down sharply in Brevard County.
Below is a look at the Brevard market by the numbers, according to the monthly Florida Association of Realtors report released Monday.
In summation, it doesn’t look good. Even as average Florida home loan rates have subsided considerably in recent weeks, home sales in Brevard dropped 32 percent compared to a year earlier, with 527 recorded sales compared with 770 during the same period last year. In addition…
- The median sales price slipped 12 percent to $220,000 from $248,700 a year earlier.
- Brevard condominium sales fell 85 percent, dropping to 36 transactions compared with 248 a year earlier.
- The median condo price dropped 7 percent, to $186,700 from $201,300.
The dramatic slowdown also was evidenced not just in overall home sales, but in permits for new home filings in Brevard, which fell 64 percent in August, compared with the same month last year. The Home Builders & Contractors Association of Brevard said 256 building permits were filed last month compared with 712 a year earlier.
