The first quarter of 2019 is done and here is a recap of our Cocoa Beach area real estate market.
Since most of the sales in our beachside community are condos, let’s start there. As of April 1st, we have 266 active condos for sale. The inventory is up 15% from the same time last year. Sales for the first quarter are down with 128 condo sales in 2019 versus 154 in 2018. Condos are taking a little longer to sell with the average days on market are 67 compared to 58 days in 2018. The median sales price and sales per square foot were also up over last year. The median sales price in the first quarter is $249,900 in 2019 while being at $195,000 in 2018. The average sales per square foot is $199 versus $188.
The highs and the lows. The highest priced condo sale was $875,000 in the Artesia Condominiums. This was a third floor, northeast corner, direct ocean unit. The lowest price was in the Beach Club Condos that sold for $57,000. A second floor one bedroom condo that is a few blocks from the ocean. Both of these condos are in Cape Canaveral.
The condos that had the most sales are also in Cape Canaveral. Bayport had 4 sales with the price range of $282,000 to $371,167 (shows you prices don’t have to be round numbers). Canaveral Bay had 5 sales from $115,500 to $150,000. Villages of the Seaport had 7 sales from $120,000 to $250,000.
Single Family Homes in the Cocoa Beach area are showing the same trends as the condo market. The inventory is up, with the current inventory at 69 homes; an increase of over 30%. First quarter sales are down, 36 homes sold in 2019 versus 42 in 2018. The average days on market 71 days compared to 73 (which is pretty much the same). The median sales price and average sales per square foot are up a little more than that. The 2019 median price is $376,000 versus $355,000 and the sales per square foot is at $239 compared to $224 in 2018.
The highs and the lows. The highest price home sale was $1,850,000. This was an oceanfront south Cocoa Beach home built in 2010. There was a tie for the lowest price home for $245,000. Both were in Cocoa Beach and both needed some TLC according to their MLS descriptions. Almost half the sales were some type of waterfront property (canal, river or ocean). The lowest price waterfront home sold for $325,000 in Cocoa Beach.
The River Isles subdivisions along Minutemen Causeway had the most sales, 4 in the first quarter. All 4 homes were either canal or riverfront ranging in price from $389,000 to $592,500.
All of the information was pulled from our local MLS the first week of April 2019. Since Cocoa Beach and Cape Canaveral are so close, I combine the sales information from both cities when looking at the statistics. Yes, they are two different cities; but I believe they are close enough to where the data can be combined because the two cities complement each other very well. If you are driving down A1A it is hard to distinguish the difference between the two. Our population is similar. We both experience an influx of visitors at the same time for the same events (winter residents, spring break, launches, surf contests, etc). Our sandy beaches are similar. The kids share the same schools.
If you have any questions about a specific property or sale, please let me know. If you are curious what your home or condo could be worth in today’s market; I can help with that too. All you need to do is comment on this post, give me a call or text at 321-795-1854, send me an email at Eric@EricLarkin.com, or click here to leave me a message. Eric Larkin is a residential real estate agent with RE/MAX Solutions.