Real Estate Update May 2020

SpaceX Demo 2 launch from south Cocoa Beach
Cocoa Beach and the Space Coast were packed with people wanting to see the return of human space flight to the USA.

2020 will be a year to remember. World wide pandemic. Protests, riots & looting throughout the Country. Huge swings in the stock market. Human space flight returns to the USA. The local real estate market remains strong.

That’s right, our local real estate market is doing really well in spite of all the things happening in our country and the world. Here is a look at our real estate market during the month of May 2020.

Our active inventory for Brevard County at the end of May was at 3042 property for sale. This is a 10% drop from the end of April (3375) and a 15% drop from May 2019 (3628). What this means is if you are looking to buy a property, our active inventory is pretty low. We are at a 3.32 month supply of property.

The sales for the month of May were OK, we had 916 property to sell in Brevard County, which was 10% lower than April, and waaay below the 1523 properties that sold in May 2019. The drop in sales is not that surprising. An indicator of what sales will be in an upcoming month is to look at the number of properties that went under contract during the previous month. April 2020 had only 673 properties go contingent. May 2020 we had 1015 properties go contingent/under contract. This is an indicator that June sales will be an improvement over May 2020. 

Map View of the home sales in Brevard County for May 2020
Over 900 sales for the month of May in Brevard County

The lowest price property to sell May 2020 was a one-bedroom condo in the English Park community in Melbourne for $33,000. The highest-priced property in South Merritt Island, a river to river estate home on 3.4 acres of land for $1.748M.

Cocoa Beach & Cape Canaveral May 2020 update

Our inventory in the Cocoa Beach area is the lowest I have seen in a while. Total inventory for Cocoa Beach and Cape Canaveral as of the end of May is 239 properties for sale. We have 179 condos, 49 homes, and 11 townhomes & half duplexes active and for sale. The biggest demand on the beach right now is for houses. Year to date, our home sales in Cocoa Beach/Cape Canaveral are equal to our YTD sales in 2019 at 73 homes. 10 of these homes sold in May and we had 16 homes go under contract in May. If you own a home in Cocoa Beach or Cape Canaveral & you have been thinking about selling; this would be a good time for us to meet to talk. What’s My Home Worth?

Our condo inventory is the lowest it has been the last 7 months. In the last half of 2019 we had under 200 condos for sale at any point in that time frame and it looks like we are going to continue that trend the 2nd half of 2020 too. Even though the active inventory for condos has been at record low numbers, the sales have also consistently been behind last years numbers too. May 2020 only had 32 condos sell in Cocoa Beach and Cape Canaveral. This is the least amount of condo sales in the last 4 years I have been tracking these numbers. The one thing that is holding the values of condominiums in Cape Canaveral and Cocoa Beach is the month’s supply of condos has been at a constant. We have just enough sales & demand to keep prices level with a slight increase in value. 

Map View of the sales in Cocoa Beach and Cape Canaveral May 2020

The price range for the homes that sold in Cocoa Beach & Cape Canaveral is $285000 for a 3 bedroom home in the Cocoa Isles on Trinidad Road and the highest priced sale is $900000 for a 4 bedroom canal front home that was built in 2011 on Crystal River Drive off Minutemen Causeway. 

The price range for the condos that sold in Cocoa Beach and Cape Canaveral is $78000 for an efficiency on the Banana River in the Essex House complex to an $840000 16th floor, 3 bedrooms direct ocean condo in Stonewood Towers.

The bottom line, our real estate market is very strong in Cocoa Beach and throughout Brevard County. If you have considered selling your home, you should give me a call/text/email to discuss what is happening in your neighborhood to see if it makes sense to do it now or not. If you are tired of renting, need to up-size your home, or have plans to move into our area; we should talk too. You need to have a good plan in order to find the right home in a real estate market that is as competitive as our current market is. 

Remember, if you have any questions about our real estate market; I am here to help! You can call me, text me, send me an email, or hunt me down on social media with your questions! I get questions about our area almost every day that I love answering, so don’t hesitate; let me hear your questions! All my contact info is below OR you can simply fill out this infobox & I will follow up with 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.

What questions do you have about buying or selling a home?  Contact Me

Call/Text 321-795-1854

Email Eric@EricLarkin.com

Social links are below if you want to send a DM or connect there

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