top of page

Brevard County Real Estate Market Report for June 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 has held very low for the last year and half. It does worry me that with the increase in interest rates and "inflation slowing" unemployment has not changed. It is hard to wrap my mind around an extremely low unemployment rate with inflation slowing. The good news is that home values are staying high and people are moving for work.


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% TBD

July 2.7%

August 2.7%

September 2.7%

October 2.7%

November 2.7%

December 2.5%


Adam's Insight: June has not be published by the state of Florida as of 7/12/2023.


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 %

September %

October %

November %

December %


Adam's Insight: The Freddie Mac published rate is still increasing. The media keeps telling the public that there have been reductions, but that is not what the numbers are telling us. This is a great opportunity for FHA owners that want to sell their home. If the original loan is high enough, they can sell their home for more than a it is valued at if the price is based on the payment, not the sticker price. For example, an FHA buyer in 2021 purchased a $300,000 home with a 4% interest rate will have a payment of around $2,050. In 2023, that same home priced at $300,000 has an FHA payment of $2,700. This means that in the current market, a buyer with a maximum payment of $2,100 would need to purchase a $200,000 (which does not exist in todays market).



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

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

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

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

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

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

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

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


Commentaires


bottom of page