Cocoa Beach Market Update 3rd Quarter

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Florida Fall is upon us! Temperatures are consistently under 90 degrees, the ocean breezes are picking up and the sun is rising a little later in the morning. It is also a sign we have finished the 3rd quarter of real estate sales in 2019 and it’s time to give a detailed answer to that ever-popular question…

How’s the market?

Looking at all of Brevard County’s real estate sales and trends; our real estate market looks pretty healthy. Active inventory is at 3333 at the end of September and we had 1095 properties close for the month. This put’s our supply of property for sale at 3 months. This number is a sign that we are still in a seller’s market.

Under 4 month supply

Numbers Nerd Disclosure for this next paragraph-You have been warned!!! 

I did notice a trend regarding the number of properties that went contingent or under contract. In 2017, there were 14,467 properties go under contract for the year (1205 average per month) and in 2018 the number was 13,365 for the year (1114 average per month). The last 4 months of 2018 were all under 1000 properties going under contract.  August 2019 we had 991 contingents & in September we only had 810 contingent properties. These lower numbers have not affected the number of sales; it is simply something I noticed that I will be keeping an eye on. 

3rd Quarter in the Cocoa Beach area

Condo sales are always a bulk of the real estate market in our beachside community. 70% of the sales that happen in the Cocoa Beach area condominiums & is why I like to pay attention to this part of our real estate market. 

There were 175 condo sales in the 3rd quarter; up from 149 in 2018.

The lowest price condo sold for $70,000 & was a 320 SqFt 1 bedroom condo.

The highest price sale was a 5th floor, 3000 SqFt direct ocean condo for $915,000.

The median-priced condo was $235,225

The average priced condo was $269,877

The average sales per square foot is $205.49

Average days on market 83 days

The condo sales were spread throughout Cape Canaveral and Cocoa Beach. 

Condo Sales 3rd Quarter 2019 (1)

Harbor Isles led the 3rd quarter with 10 sales in the 3rd quarter  $190,000-$365,000

Tied for 2nd, 3rd, 4th & 5th place with 5 sales each are these condominiums

Four Seasons $210,000-$256,000

Ocean Park North $115,000-$130,000

Royal Towers $185,000-$382,000

Villages of the Seaport $130,000-$265,000

Home sales in Cocoa Beach have been strong all year. We had 39 sales during the 3rd quarter of 2019 versus 27 in 2018. 

The lowest-priced home sale was $220,000 for a 3 bedroom 1295 SqFt home just north of Minutemen Causeway.

The highest-priced home sale was $1,995,000 for a brand new 4275 SqFt oceanfront home.

The median home price is $410,000

The average home price is $552,654

The sales per square foot price is $256

The average days on market is 83

Most of the home sales occurred in the Cocoa Isles subdivisions. There were 8 sales   $274,900 and $500,000.

Cocoa Isles

Questions about a specific property or area? I would love to hear from you!

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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