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Brevard County Real Estate Market Report for February 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




2022 2023


Adams Insight: February beat expectations for the FED, and this is not a great thing for workers. The #FED is trying to increase the unemployment rate. When everyone has a job inflation starts to increase. What the FED wants is a slightly high unemployment rate and a flat inflation. Hopefully inflation slows to a creep of 1.5% so interest rates can stabilize soon.


Florida Unemployment Rate




2022 2023

February 3.3% 2.6%

March 3.2%

April 3.0%

May 3.0%

June 2.8%

July 2.7%

August 2.7%

September 2.7%

October 2.7%

November 2.7%

December 2.5%


Adams Insight: The Miami area has an unemployment rate of 1.7%. This number is outrageous. This means that the cost of everything is going up. In order to hire good employees a business must invest in infrastructure, culture and higher salaries. These costs will be past down to the consumer. Soon the bagger at the grocery store will be earning $20.00 an hour and a bag of rice will cost about $20.00 to match.


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, a lot can change in 30 days.

2023

January 6.48%

February 6.09%

March 6.65%

April %

May %

June %

July %

August %

September %

October %

November %

December %


Adams Insight: I believe that if rates stay between 4.75% and 6.75% our economy will stay healthy in the long run. The peaks and valleys are always around an economic downturn. Stability is good, we just need the #FED to stay out of politics and monitor national economics.





Brevard County Property Sales Statistics





Brevard County Properties Sold

2022 2023

January 988 738

February 1,093 967

March 1,359

April 1,309

May 1,289

June 1,355

July 1,062

August 1,200

September 1,075

October 1,063

November 807

December 990


Adams Insight: The number of properties sold is much better than I expected. I was worried the slump would continue, but 967 is great for January in a shifting market. Currently there are 1,161 pending transactions. This could make for a great March!






Brevard County New Listings

2022 2023

January 1,294 1,362

February 1,313 1,210

March 1,607

April 1,561

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

April 1,146

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




2022 2023

January 0.88 2.35

February 0.81 2.27

March 0.83

April 0.87

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

April $419,303

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



2022 2023

January 7 26

February 5 31

March 4

April 4

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

April 4

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


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