October housing stats show increased supply of homes on market

Rob Landers, Florida Today
·2 min read

October's housing numbers offered more trick than treat for Brevard County residents looking to sell their homes.

According to the latest data from the Space Coast Association of Realters, closed single-family home sales were down 11.6 percent year over year with 770 units closed compared to 871 in October 2022. The numbers also reflect a 10.78 percent drop month over month from September's closed sales of 864.

Closed sales in the townhome and condo sector were flat year over year with exactly 193 units closed in October 2023 and 2022.

Past numbers: September home numbers show Brevard market cooling

October's Most Expensive: Total of $15.925 million spent on Brevard's top five homes

The median single family home sales price dipped a bit year over year by 1 percent. The median sales price - meaning the price at which half homes sold for more and half sold for less - hit $360,000 down from October 2022's price of $363,500. Down further from September's price of $364,995.

The median sales price for townhomes and condos fell 7.7 percent year over year to $300,000 compared to October 2022's price of $325,000. It also represents a $7,000 drop month over month and a $77,000 drop since August.

One other key indicator from October's numbers is the monthly supply of inventory. Brevard County's housing inventory shot up 30.4 percent year over year to a total of a three month supply. Realtors will tell you that the inventory supply means that if no other houses come on the market, there's enough property for sale now to meet the need of anyone wanting to buy over the next three months.

For townhomes and condos, it's even higher. October saw a 104.8 percent spike in the number of units on the market, padding the inventory with a 4.3 month supply — more than double October 2022's 2.1 months.

It's also an indicator that the market has leveled out and is moving into more neutral territory — no longer a sellers' market but not yet a buyers' market.

Other statistics for single family homes

  • Cash sales dropped 6.5 percent year over year.

  • Pending sales are up 14.5 percent from October last year

  • New listings are up 4.8 percent year over year

  • Traditional sales are down 11.6 percent from the same time last year.

  • Foreclosures and REO sales are up 25 percent with five closed sales in October.

  • There were no short sale closings in October this year.

Townhomes and condos

  • Cash sales dropped 6.6 percent from October last year.

  • New pending sales are down 3.9 percent.

  • New listings are up 30.9 percent year over year.

  • Traditional sales were fairly flat with only a half percent increase year over year.

  • There were no foreclosure/REO or short sales in this sector in October.

This article originally appeared on Florida Today: Brevard October housing stats show surge in homes on market