Cocoa Beach Market Update May 2019

Condo sales are what dominate the real estate market in the Cocoa Beach area. In May, however; the single-family home sales were something to talk about. The last few years, we have not sold more than 20 homes in any given month. In 2017, we had several months with 19 homes sales. 2018, we averaged less than 12 per month. So far in 2019, we are averaging 12.25 per month. May ended up with 24 home sales in the Cocoa Beach area. (2 of the sales were Cape Canaveral)

Here is my breakdown of the home sales for May.

The price range of homes sold for May 2019 was the low end of $192,000, a 3 bedroom home in Presidents row that needed some loving to a 4 bedroom, direct riverfront pool home in the Sunset Cove subdivision for $825,000. The median home price in May was $370,000. The average sales price was $440,185. The average sales per square foot was $234. The average days on market was 43. Most of the home sales were within 5% of the list price, which explains the number of closings and the shorter days on market…If you price your home properly instead of “testing the market” you have a better chance of selling your home at a fair price in a reasonable amount of time. As of today (June 16) we have 58 homes for sale in the Cocoa Beach area. Most have been on the market for less than 60 days. There are 18 that have been on the market for over 100. I would bet price has a lot to do with the homes with over 100 days on the market.

Since most of the home sales in the Cocoa Beach area consist of property built before 2001, you should know about the inspections you will need to have in order to obtain insurance on the property. The video below, I meet with Adam Marrara of Florida Home Inspections Bureau to learn more about the wind mitigation report and the 4 point inspection.

The condo sales are still the driving force of our real estate market in the Cocoa Beach area. Our current active inventory is 225 condos for sale ranging in price from $82,500 for an efficiency on the Banana River to a $1,400,000 4th floor direct ocean condo with 3 bedrooms and 3 baths. The condos sold in May (and for the first few months of 2019) have been steady, but are also a little lighter than the last couple years. We had 56 condo sales in the Cocoa Beach area that ranged from a $90,000 one bedroom condo in the 55+ condo community of the Canaveral Breakers to a $955,000 southeast corner penthouse in the Flores De La Costa condo that is being built right now. The new construction that is in the MLS will skew the days on market numbers since they start the marketing for these buildings prior to the ground being cleared. With that said, the average days on market for May’s sales were 110 days. The median condo price was $313,000. The average sales price was $329,891. The average sales per square foot was $227.

I like to highlight the condos that were the most active in sales for the month. In May we have 3 condominium complexes that stood out. The Villages of Seaport condos and Cape Shores condos each had 3 sales for their communities. The Villages sale prices ranged from $207,000-$212,500. The Cape Shores sales price were $145,000-$152,000. These were all 2 bedroom and 2 bath condos. The leader for May in sales is the new condos being built just north of the Cocoa Beach Pier. Flores De La Costa is being built by Dorough Brothers Properties LLC and Charles Boyd Construction. This is a 14 unit complex and 8 of the condos closed in May ranging from a 2 bedroom, 2 bath, 1,133 square foot condo for $350,000 to a 3 bedroom, 3 bath, 2,460 square foot condo for $995,000. It has been a while since we had new condominium sales in the Cocoa Beach area, it is nice to see some newer options available in town.

Curious to see any of the homes or condos that are for sale in the Cocoa Beach area? Your search starts at http:www.EricLarkin.com If you want to know what your Cocoa Beach property could be worth,  https://eric.viewbrevardhomesforsale.com/homevalue/value is the site to find out. You can always call Eric Larkin with REMAX Solutions at 321-795-1854 with any questions you might have about our real estate market.


About the author:

Eric Larkin is a Broker Associate with REMAX Solutions. He lives, works, and plays in the Cocoa Beach area. Eric has been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. His focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.

What questions do you have about buying or selling a home? CLICK HERE to ask

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