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Brevard County Real Estate Market Report for July 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. 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


Adam's Insight: The unemployment rate continues to stay below 4% even as interest rates are increased. The rate always trends lower during summer months as tourism increases around the world. This is great for the US economy and unexpected as we hit 7% interest rates.


Florida Unemployment Rate

2022 2023

February 3.3% 2.6%

March 3.2% 2.6%

April 3.0% 2.6%

May 3.0% 2.6%

June 2.8% 2.6%

July 2.7% TBD

August 2.7%

September 2.7%

October 2.7%

November 2.7%

December 2.5%


Adam's Insight: July has not be published by the state of Florida as of 8/16/2023. The state of Florida is beating the national average by an entire percentage point. We are a booming economy with power house industries; Space, Military Technology, Unique Tourism (who else has beaches, Disney and alligators) and of course Retirement Planning.


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 6.79%

July 6.81%

August 6.9%

September %

October %

November %

December %


Adam's Insight: The Freddie Mac published rate is still increasing, we are almost back to the November of 2022 rate of 7.08%. The interest rate is slowing manufacturing, which will quickly increase the unemployment rate. Companies which normally lease equipment are now renting or on pause. Businesses know a purchase is permanent, a lease is 5 years and a rental is monthly.



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

September 1,075

October 1,063

November 807

December 990


Adam's Insight:


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

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 2,317

June 1,686 2,367

July 2,152 2,469

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 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

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 $420,068

June $419,316 $416,083

July $415,560 $418,235

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 22

April 4 18

May 4 18

June 5 14

July 7 15

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 6

June 6 7

July 4 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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