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Brevard County Real Estate Market Report for March 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


Adam's Insight: One would think that the markets are going to crash as banks start failing and asking for bailouts. The world kept turning, new jobs numbers did increase but not nearly what was expected. Usually when this happens it is sign of recession, exactly what he #FED wants to see. However, we have not seen a major change in unemployment. As a nation we are still below 4% which is normally a great sign of a strong economy. The FED wants to see the number increase to fight inflation. It still blows my mind that as a country we are trying to create layoffs to strengthen the county financial system (oxymoron).


Florida Unemployment Rate

2022 2023

February 3.3% 2.6%

March 3.2% 2.6%

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%


Adam's Insight: Florida has managed to stay strong. Our unemployment numbers stay low, and our housing is doing better than most states. Now is a great time to buy or sell! Deals are popping up and we are still able to earn high prices. This will change, but my crystal ball is a little foggy. If the FED gets what they want the market will soon become a buyers market!


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 %

June %

July %

August %

September %

October %

November %

December %


Adam's Insight: The biggest changes, up or down are what devastate or stoke an economy. I believe what the world needs is a stable market. If the #USA can hover around 6% interest rates, we will hopefully see a healthy correction. In the middle of the #pandemic the #FED decided to reduce interest rates to stoke the economy. As we all know if you stoke a fire too much without adding fuel the flames will get very hot and burn itself out. This is what has happened to our economy, now that the fire has burned itself out we must gently build a strong world economy again. Let's hope rates can stay between 5-7% and businesses will start to grow.



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

May 1,289

June 1,355

July 1,062

August 1,200

September 1,075

October 1,063

November 807

December 990


Adam's Insight: The seasonal adjustments have helped March sales. I am happy to see 1,188 homes closed in March. If this pattern continues we we should see around 1,200 close in April.


Brevard County New Listings

2022 2023

January 1,294 1,362

February 1,313 1,210

March 1,607 1,535

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 2,354

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

Chart displaying the Brevard Florida Real Estate Absorption Rate
Number of Months Supply on the Market

2022 2023

January 0.88 2.35

February 0.81 2.27

March 0.83 2.13

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

A chart showing house sales prices for Active, Pending, Sold homes in Brevard County Florida
Active listings prices increase but sold prices flatline

2022 2023

January $354,264 $394,815

February $373,913 $394,504

March $388,414 $394,311

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


A chart showing average days on market for Brevard County Florida.
How long will it take to sell my house?


2022 2023

January 7 26

February 5 31

March 4 22

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

A chart showing real estate home prices slowly dropping
More homes are listed then sold continues to drop.

2022 2023

January 10 6

February 4 16

March 7 12

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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