Market Update August 2020

We are 5 months into COVID 19 and it has had some interesting effects on our real estate market. This is the August update for that question I get asked all the time…How’s the market???

Small wave breaking in south Cocoa Beach. August 2020 Market Update is the text just above the wave. — How is the market on the Space Coast?

Our active inventory for Brevard County continues to drop. We ended the month of August with 2207 active properties for sale in our MLS. This is a 7% drop from July (2394) and a 34% drop from the end of March (3375) when COVID started shutting down our country.

Why the drop in inventory? Except for the month of August, we have less property coming on the market for sale. New listings in the MLS for the last 5 months is down 11% from the same time last year (April through August)

Why are there fewer properties coming on the market? Some sellers do not want to risk putting their home on the market while they are still living in the property. They have either decided not to move at this time or they are waiting to find their next home before listing their current home. The lack of inventory here in Brevard County and across the country is making it difficult for them to find their next home.

Some sellers will need to sell their current home before buying the next one. They are afraid their current home will sell quickly before they can find a property, leaving them & their family homeless or having to rent 1st and then purchase. This means 2 moves to get into their next home.

How many properties are selling?

The sold stats for the month of August are pretty solid! We sold 1343 properties this past month versus 1248 in August 2019. This has us at a 1.66 month supply of property for sale in Brevard County. This means if we do not get any new listings on the market, we could be out of inventory in 7 weeks! Our absorption rate is over 60% for the month. Most of 2019 and earlier our absorption rate is in the 35%-40% range.

What does this mean? Properties are selling. We have been in a seller’s market for a while (5+ years). It has actually intensified with COVID due to the drop in new properties coming on the market for sale. I do not see this changing anytime soon. The buyer demand did pull back at the beginning of COVID but is equal to or greater than what it was this time last year. I only see this increasing as we continue to adjust to the COVID environment. The home confinement is making people realize they need a different type of home (either more space or less space). The mobile workforce is also realizing they can work from anywhere and it is having people rethinking about where they are living.

Additional Stats for Brevard County August 2020

36% of the property sales happened in 7 days or less
60% of the property sales happened in 30 days or less
Average days on market 46
Average sales price $298305
Median sales price $259000
8 properties sold for over $1M in Brevard County
The highest priced sale was a 6 bedroom, 6 bath single family home on the Indian River in Rockledge-$1.749M

Cocoa Beach & Cape Canaveral Market Update August 2020

We are seeing some of the same trends locally that were seen in Brevard County. Active inventory for Cocoa Beach and Cape Canaveral continue to drop with not as many properties coming on the market as we have seen in the past.

Condos

Active inventory for our beach-side condos are at 141 for the end of August 2020. Compared to 157 at the end of July 2020, we have an 11% decrease of the inventory. August 2019 inventory was at 179, which is a decrease of 21%. There were 56 condos sold in Cocoa Beach & Cape Canaveral in August 2020.

The highest priced condo to sell was for $1.2M in the Ocean Oasis complex in Cocoa Beach. This is a 5th floor, direct ocean condo that was 3 bedrooms, 3 baths, with over 3400 SqFt of living space that was built in 2004.

The lowest priced condo sold for $99000 in the Essex House condominiums. This second floor 464 SqFt condo is located on 520 along the Banana River in Cocoa Beach

Averaged priced condo $345230
Median priced condo $285000
Sales per SqFt $243
Average days on market 75

Single Family Homes

The single family home sales have been strong in Cocoa Beach and Cape Canaveral for the last several years. So far in 2020 there have been 121 home sales through the end of August versus 111 through August 2019; an increase of 9%. This is happening even though the active inventory is at the lowest I have seen it. We currently have 34 homes for sale in Cocoa Beach & Cape Canaveral, which is a 19% drop from July 2020 (42 active homes) & a 33% drop in inventory from August 2019 (51 active homes for sale). If you do own a home in either Cape Canaveral or Cocoa Beach and you have considered selling your home, we should definitely talk!

The highest priced home to sell in August 2020 was a riverfront home in Cocoa Beach in the Venetian Way subdivision. The home was a 3 bedroom pool home on the Banana River that sold for $695000.

The lowest priced home to sell was in Cocoa Beach in the Holiday Estates subdivision. This 3 bedroom pool home sold for $350000.

Average home sale price $508303
Median home price $525000
Sales per SqFt $268
Average days on market 86

As you can see, our real estate market is doing the opposite of what you can expect during a pandemic.COVID has become a catalyst for more employers to allow their employees to work remotely allowing them to look at lifestyle & quality of life versus drive time & commute to the office. Remote learning for the children is doing the same to school districts. Why not live near the beach and in a tropical location like Cocoa Beach and the Space Coast of Florida?

If this is something you are considering, I am sure you have questions that I am happy to answer. It is as simple as filling out the form below or giving me a call/text. I am getting questions about moving into our area everyday and I would be happy to help you get your questions answered and a step closer to living near the beach.

Eric Larkin is a Broker Associate with Real Broker, LLC. 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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