%20-%20Reg_%20Horizontal.png)
Unemployment Rates
The unemployment rate is a great market indicator for the future market. As long as employment numbers are strong, mortgages will be paid and manufactured items will be purchased.
National Unemployment Rate
2022 2023
Adam's Insight: Wow! After a year of high interest rates we are still employed. The #Fed and American Businesses should be proud of inflation reduction without losing employment. So far a soft landing is possible, some speculate a rough 2024 but we are not seeing it. In the housing industry we have seen a slow down, but the market is still moving full steam ahead. In 2021 every offer accompanied the words FHA or VA loan, however in 2024 many properties are sold to cash buyers! 2023 was an interesting but good year and I believe 2024 will be about the same!
Florida Unemployment Rate
2022 2023
December 2.5% TBD
Adam's Insight: Florida does not produce their unemployment rates until the end of the following month. My guess is that the we will remain under 3.0%. The space center has been busy and rumor has it that we expect more than 3,000 new jobs in Melbourne early 2024.
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 2024
February 6.09%
March 6.65%
April 6.32%
May 6.39%
June 6.79%
July 6.81%
August 6.9%
September 7.18%
October 7.31%
November 7.76%
December 7.03%
Adam's Insight: The interest rates are still bouncing and it will be a rough ride for 2024. Currently it is cheaper to rent than it is buy a home. As long as it is cheaper to rent prices will continue to stabilize and eventually reduce. When it is tough to turn a profit on a rental for an investor, they stop buying. If it is financially tough for a buyer to purchase and it is cheaper for them to rent, they often rent. When the real estate market loses both first time buyers and investors, demand will be fall. As demand falls and supply increases prices will need to adjust to meet the current market. This equation does not mean recession, but it does mean it may become a buyers market.
Spot Gold Price (Price per Ounce)
2023 2024
January $1,829 $2,063
February $1,953
March $1,836
April $1,984
May $1,981
June $1,948
July $1,919
August $1,952
September $1,940
October $1,825
November $1,985
December $2,072
Spot Silver Price
2023 2024
January $24.10 $23.82
February $24.05
March $20.98
April $24.10
May $24.96
June $23.88
July $22.77
August $24.40
September $24.18
October $20.89
November $23.05
December $25.47
Brevard County Property Sales Statistics
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 1,230
June 1,355 1,188
July 1,062 986
August 1,200 1,108
September 1,075 1,007
October 1,063 914
November 807 908
December 990 814
Adam's Insight: An annual bell curve. This could be seasonality, or it could be buyer fatigue. My opinion is a little of both. Cash buyers can be on their schedule, and the interest rates are taking a toll on first time home buyers. Every morning my inbox is full of homes that have discounted their price. We will continue to see price reductions as long as sellers believe we are in 2021.
Brevard County New Listings
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 1,489
June 1,744 1,309
July 1,696 1,353
August 1,528 1,476
September 1,172 1,397
October 1,311 1,389
November 1,032 1,226
December 1,036 1,026
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 2,317
June 1,686 2,367
July 2,152 2,469
August 2,514 2,537
September 2,509 2,826
October 2,641 3,055
November 2,723 3,285
December 2,695 3,248
Brevard County Absorption Rate
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 2.14
June 1.3 2.19
July 1.68 2.31
August 2.0 2.39
September 2.2 2.67
October 2.15 2.9
November 2.26 3.15
December 2.31 3.09
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 $420,068
June $419,316 $416,083
July $415,560 $418,235
August $426,527 $435,410
September $398,460 $408,702
October $392,498 $409,171
November $383,069 $426,062
December $392,362 $400,425
Brevard County Median Days on Market
2022 2023
January 7 26
February 5 31
March 4 22
April 4 18
May 4 18
June 5 14
July 7 15
August 10 18
September 13 19
October 15 22
November 20 23
December 24 29
Written by Adam Maxfield
Real Estate Sales and Investing
Keller Williams Realty of Brevard
(321) 635-0060
留言