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Brevard County Real Estate Market Report for April 2023

Unemployment Rates

A healthy economy has a 3-5% unemployment rate, however a 3-5% unemployment rate does not always indicate a healthy economy. In simple terms, the unemployment rate is the number of workers without a job and looking for a job divided by the number of workers in the labor force. However, this number is manipulated, "the number of workers without a job and looking" is vague and up to interpretation. The unemployment rate is still a good market indicator, but use with caution.


National Unemployment Rate


Chart of USA National Unemployment Rates from April 2021 to April 2023
USA National Unemployment Rate 2023


2022 2023


Adam's Insight: The unemployment rate has dropped again. The news channels are screaming doom and gloom, however the employment rate is not matching. According to Trading Economics 3.4% is a 50 year low and the same as January. In April, the unemployment decreased by 182,000 to 5.657 million people actively looking for work. The employment levels increased by 139,000 to 161.031 million. The difficult part for me to understand is the labor force participation rate of 62.6%. The goal of the #FED is to slow the inflation rate, but inflation is still showing 4.9% but it feels much higher. Homes, eggs, gas are still increasing.


Florida Unemployment Rate

2022 2023

February 3.3% 2.6%

March 3.2% 2.6%

April 3.0% 2.6%

May 3.0%

June 2.8%

July 2.7%

August 2.7%

September 2.7%

October 2.7%

November 2.7%

December 2.5%


Adam's Insight: Florida has stayed lower than the national average since the pandemic! As long as tourism and the space technologies keep growing Brevard County will stay ahead of the pack.


30 Year Mortgage Rate Average in United States
*This information is pulled from the Federal Reserve and Freddie Mac. These are averages for information purposes only. This information is for the first day of the month; remember that a lot can change in 30 days.

2023

January 6.48%

February 6.09%

March 6.65%

April 6.32%

May 6.39%

June %

July %

August %

September %

October %

November %

December %


Adam's Insight: Even as the banks start to fail, the FED has kept interest rates around the same level. We are hovering around the 6% range. Please keep in mind, this is from FRED website and ever lender has a varying interest rate.



Brevard County Property Sales Statistics


Chart of number of listings in Brevard County for April 2023

Brevard County Properties Sold

2022 2023

January 988 738

February 1,093 967

March 1,359 1,188

April 1,309 1,148

May 1,289

June 1,355

July 1,062

August 1,200

September 1,075

October 1,063

November 807

December 990


Adam's Insight: I estimated 1,200 would sell in April and we got close at 1,148. The inventory levels are decreasing which means it is still a good time to sell. Even with the media telling buyers it is a bad economy we still have buyers. Blue Origins and Space X are still hiring.


Brevard County New Listings

Sold to list Ratio for Brevard County Florida

2022 2023

January 1,294 1,362

February 1,313 1,210

March 1,607 1,535

April 1,561 1,355

May 1,700

June 1,744

July 1,696

August 1,528

September 1,172

October 1,311

November 1,032

December 1,036


Brevard County Active Listings

2022 2023

January 1,174 2,672

February 1,081 2,538

March 1,110 2,354

April 1,146 2,332

May 1,441

June 1,686

July 2,152

August 2,514

September 2,509

October 2,641

November 2,723

December 2,695


Brevard County Absorption Rate

Chart displaying the absorption rate for April 2023
2.13 Absorption Rate - Still a good time to SELL!

2022 2023

January 0.88 2.35

February 0.81 2.27

March 0.83 2.13

April 0.87 2.13

May 1.11

June 1.3

July 1.68

August 2.0

September 2.2

October 2.15

November 2.26

December 2.31


Brevard County Average Sales Price



2022 2023

January $354,264 $394,815

February $373,913 $394,504

March $388,414 $394,311

April $419,303 $425,760

May $418,863

June $419,316

July $415,560

August $426,527

September $398,460

October $392,498

November $383,069

December $392,362


Brevard County Median Days on Market


Chart of Brevard County Florida April 2023 Days on Market

2022 2023

January 7 26

February 5 31

March 4 22

April 4 18

May 4

June 5

July 7

August 10

September 13

October 15

November 20

December 24


Brevard County Short Sales / Bank Owned / Auctions


2022 2023

January 10 6

February 4 16

March 7 12

April 4 9

May 6

June 6

July 4

August 5

September 3

October 7

November 5

December 4


Written by Adam Maxfield

Real Estate Sales and Investing

Keller Williams Realty of Brevard

(321) 635-0060


Opmerkingen


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