Home sales in Brevard County fell by 8% in February compared to the same month last year, according to data released by the Brevard County Realtors Association. The decline comes as condo sales rose by 12% during the same period. The shift highlights changing buyer preferences in the region's real estate market. "There’s a noticeable trend toward condos," said Sarah Mitchell, a local real estate agent with Coldwell Banker. "More people are looking for lower-maintenance living options." The February report shows 425 single-family homes sold, down from 463 in February 2023. Condo sales jumped to 312 units, up from 279 last year. The median price for single-family homes fell to $415,000, while condo prices held steady at $285,000. Inventory for single-family homes remains tight, with just 1.2 months of supply, according to the association. Condos, however, have more inventory, with 2.8 months of supply. Some analysts say the shift reflects broader economic factors. "Rising interest rates have made mortgages harder to secure for many buyers," said Mark Thompson, a real estate economist at Florida State University. "Condos often require smaller down payments and have lower maintenance costs, which makes them more attractive right now." The data also shows a growing divide between different parts of the county. In areas like Cocoa and Melbourne, condo sales surged by 18%, while single-family home sales dropped 10%. In the northern part of the county, near Titusville, home sales fell 5%, but condo sales remained flat. Realtors say the trend is unlikely to reverse soon. "We’re seeing more first-time buyers opt for condos," Mitchell said. "It’s a practical choice for many people." The association will release March data next week, which may offer more clarity on whether the trend continues.
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Brevard County February Home Sales Decline as Condo Sales Rise
Brevard County home sales dropped in February while condo sales increased, according to recent data.

Source: TAPinto