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Brevard County Real Estate Market Report for January 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, the 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: Many analysis are shocked, the government was estimating 187,000 new jobs, HOWEVER nonfarm payroll increased by 517,000. This increase helped the #unemployment hit a record low of 3.4% nationally. We also saw this type of record broken in 2006. This means the Federal Reserve will most likely increase interest rates to combat the extremely low unemployment. When everyone has a job prices go up, #inflation increases and economies prepare to crash.


Florida Unemployment Rate


2022 2023

February 3.3%

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: Florida has managed to stay ahead of the national curve in regard to jobs. The state has diversified from just tourism to retirement, space technologies, military contractors and farming. As long as Florida can keep our people working we will remain a great place to live which will keep our home values up.


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

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 sold property is reducing every month. If you want to sell your home in the next 2 years you should have sold it 9 months ago, but it isn't too late. We are only going to see more declines for sold homes and more homes on the market. Maxfield Home Solutions uses creative solutions to earn top dollar for our clients.




Brevard County New Listings

2022 2023

January 1,294 1,362

February 1,313

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

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

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

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

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

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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