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Brevard County Real Estate Market Report for September 2023





Unemployment Rates

The unemployment rate is a great market indicator for the future market. As long as employment numbers are strong, mortgages will be paid and manufactured items will be purchased.


National Unemployment Rate


2022 2023


Adam's Insight: The recent nonfarm payroll rose by 336,000. That is 180,000 more jobs than expected, so the #FED has insinuated that they will continue to increase interest rates with 8% looming in the future. The U.S. Federal Reserve is banking on the economy stalling and slightly dropping. This means they want the unemployment rate to increase. This is the only way they can stop inflation.


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% 2.7%

August 2.7% 2.7%

September 2.7% TBD

October 2.7%

November 2.7%

December 2.5%


Adam's Insight: Florida's unemployment rate remained low for August. Septembers numbers have not come out as of October 10th. It looks like Florida will remain one of that last states to increase with our strong multi-industry economy.


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 7.18%

October 7.31%

November %

December %


Adam's Insight: Each month the media tells a story that interest rates are going to ease, but the opposite happens. When looking at interest rates on a chart it looks like the average interest rate between 1971 and 2023 is 6.5%. In 1983, the interest rate hit 18.39%, so when the rates are in perspective 8% really doesn't seem that high. Based on historic data, I don't think that interest rates are going to decrease below 5.5% in the next 10 years. The housing market is going to have a strong correction.


Spot Gold Price (Price per Ounce)


2023

January $1,829

February $1,953

March $1,836

April $1,984

May $1,981

June $1,948

July $1,919

August $1,952

September $1,940

October $1,825

November

December


Spot Silver Price


2023

January $24.10

February $24.05

March $20.98

April $24.10

May $24.96

June $23.88

July $22.77

August $24.40

September $24.18

October $20.89

November

December


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 1,108

September 1,075 1,007

October 1,063

November 807

December 990


Adam's Insight: August had a 7.08% and September had a 6.32% decrease. We will continue to see sales reduce as long as unaffordability stays high. Until rates or home values are reduced, sales will continue to decrease each month.


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 1,476

September 1,172 1,397

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 2,537

September 2,509 2,826

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 2.39

September 2.2 2.67

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 $435,410

September $398,460 $408,702

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 18

September 13 19

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 4

September 3 7

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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