The most asked question a real estate agent hears is “How’s the market?” Especially now with the coronavirus affecting the way we live and impacting the economy. Now that April’s sales are complete; I can let you know how it has affected our real estate market in Brevard County and the Cocoa Beach area.
Brevard county numbers
Our active inventory is down! Pretty much the opposite of what I was expecting to see since inventory rose quickly in March. We ended the month of April at 3375 active properties on the market in Brevard County. Compare this to 3752 at the end of April in 2019; we are in good shape.
The sold property was down some, but not a surprise. There were 1017 closings through our MLS for April 2020 versus 1408 in April 2019. We are at a 3.31 month supply of property for sale. Remember, under a 4 month supply is a seller’s market. 4-6 months is a balanced market, and over a 6 month supply is a buyers market
The new inventory on the market was down. There were 1210 new properties for sale in our MLS compared to the 1766 April 2019. The slow down of new listings combined with the slowdown in home sales is why our inventory actually came down for the month of April.
Buyer activity started the month of April very slow. Less than 300 properties went under contract the first 2 weeks of the month. The last half of the month buyer activity surged and almost 400 properties went under contract. The first couple of days of May show the buyers are still very active. The buyer momentum is encouraging.
Here is what things look like in Cocoa Beach/Cape Canaveral
We ended the month of April with 205 active condos for sale in the Cocoa Beach area, down from 243 in April 2019. Condo sales were also down in April 2020 versus the previous year. We had 42 condos close vs 67 in 2019.
Condo sales prices ranged from $93,500 for a 2 bedroom condo at the Atlantic Gardens complex in Cape Canaveral to $532,000 for a 3 bedroom riverfront condo in the Crescent Palms Condo in South Cocoa Beach.
Single Family Homes
The single-family home active inventory ended the month of April at 52 homes for sale in the Cocoa Beach area versus 62 at the end of April 2019. Home sales were Even Steven with 13 homes selling in April for both 2019 & 2020.
Home prices ranged from $359,900 for an updated 3 bedroom home on Java Rd in the Cocoa Isles community to a $940,000 canal front 4 bedroom pool home on Bougainvillea Dr in the River Isles community off Minutemen Causeway.
Here are my two cents on the overall market conditions and what to expect.
There have been changes with loan programs that will have an impact on buyers. A lot of lenders have raised the minimum credit score for an FHA loan from 560 to 620. The non-prime loan market (below 560 credit score) disappeared quickly. Interest rates are fluctuating daily along with other lender guidelines. I have already seen these changes affect buyers that were under contract to make a purchase no longer qualify for their loan.
We have a lot of unknowns with the economy and how this will affect our local real estate market. The “non-essential” jobs are slowly getting back to work after a 4-6 week hiatus. How many of them stayed current on their mortgage, rent, car payments, and other bills? Will this lead to defaults on mortgages?
People will have a need to move no matter what is happening with the real estate market. The bottom line with the real estate market is it is still too early to tell the impact. Now, more than ever; you need to do your research and have a plan. Speak with an experienced real estate agent in your area on advice to help with your decision. April numbers for Cocoa Beach and the whole county are promising, and I am looking forward to seeing how the month of May does.
Questions? I would love to hear from you!
About the author:
Eric Larkin is a Broker Associate with REMAX Aerospace. He lives, works, and plays in the Cocoa Beach area. If you have questions about moving or relocating to Cocoa Beach and the Space Coast, let me know! I get calls, texts, direct messages & comments on my posts every day about the real estate market and things that are happening in Cocoa Beach and the Space Coast that I love answering. Ask me your questions on moving, relocating here, or anything about the community. I am here to help. I have been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. My focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.
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