Housing Market Update October 2020 Brevard County and Cocoa Beach

I think we are all pretty thankful the election is behind us and we can focus on other things. If one of the things that is back on your radar is real estate; I am happy to answer that question that is probably on your mind….How’s the market?

I have a video update too

If you want to sell your property; the market is amazing! If you are looking to buy a property, you will need some patience. Here is an overview for the Space Coast

Active inventory has been dropping since the COVID pandemic started. Our inventory has fallen below the 2000 mark and is at 1995 the end of October. It is important for me to point out I do not remember seeing our inventory this low during the 17 years I have been a Real Estate agent. 

Graph showing the active inventory in Brevard County
Active inventory for Brevard County 2020

October sales in Brevard County usually starts pulling back..not in 2020. The MLS is showing 1407 closings for the month. This is a 30% increase in sales over October 2019. Our monthly supply of homes for sale are under a 1.5 month supply. 70% of the property for sale sold in October 2020. 

The highest priced home sale was in south Merritt Island. 6 bedroom riverfront home built in 2007 with almost 6900 Square Feet of living space on an acre lot. Sold for $2.575M

map view of the 15 homes that sold for over $1M in October 2020
15 $!M+ sales for October

15 homes sold for over $1M. 3 of these homes sold for over $2M

45% of the homes sales were under $250K

530 sales were 7 days or less.

858 sales were 30 days or less.

That is an overview of what is happening throughout Brevard County, here is what is happening in Cocoa Beach & Cape Canaveral. People definitely are looking to move to the beach!

Condo Sales

graph showing the active condos in Cocoa Beach and Cape Canaveral through October 2020
Condo Inventory for Cocoa Beach & Cape Canaveral

Active inventory has dropped significantly in our condo market. We currently have 112 active condos for sale. This is a 50% drop from the beginning of the year and the lowest I have seen it. Condo sales were slow the first 5 months of the year, but have picked up significantly over the summer. October we sold 61 condos in Cocoa Beach and Cape Canaveral compared to 35 last October. Most months, there is one complex that stands out with sales; which didn’t really happen October 2020. Saturn condo had the most with 3 sales (153K-178K) with several condos having 2 sales (Xanadu, Taylor Terrace, Sand Castles, Royal Mansion, and Four Seasons to name a few)

Condo Sales Beach-Side for October 2020

The lowest priced condo was at the Golden Gate complex in Cape Canaveral. $62K for a 390SqFt 1 bedroom condo a few blocks from the ocean.

The highest priced condo was at the Carlyle Condos in south Cocoa Beach. $910K for a 3 bedroom, 3 bath, 3rd floor direct ocean that is just over 2700 SqFt.

Single Family Homes

Graph of the active home sales in Cocoa Beach through October 2020
Active Inventory Single Family Homes Cocoa Beach and Cape Canaveral through October 2020

There are only 33 active homes for sale in Cocoa Beach and Cape Canaveral. We normally have 60-70 to choose from. Home sales were strong before COVID hit. The pandemic only intensified our home sales in Cocoa Beach and Cape Canaveral. We already surpassed the 151 homes sales in 2019 this year. We had 23 homes sell in October that brought our YTD numbers to 174 home sales in Cocoa Beach & Cape Canaveral.

Map view of the homes sales in Cocoa Beach and Cape Canaveral October 2020
Home Sales Cocoa Beach & Cape Canaveral October 2020

The lowest priced home sold on Johnson Ave for $290K. The home was a 2 bedroom home under 900 SqFt.

The highest price home sold in the Snug Harbor community in south Cocoa Beach for $1M. This was a nicely updated direct river pool home that had 3 bedrooms & 3 baths with over 2400 SqFt of living space.

Most of the home sales were canal homes off Minutemen Causeway in the River Isles subdivision. They 4 home sales ranged in price from $455K to $615K. 

Most home sales were off Minutemen Causeway near downtown

Whether you currently own a home in Cocoa Beach or anywhere in Brevard County and the thought of selling has been on your mind; we should probably talk to see what the value is of your home. If you prefer to be low-key and just want an emailed report, I can help with that too. This link is for the emailed report https://ericlarkin.remax.com/home-value-estimates and you can call or text me at 321.795.1854.

If you are planning to move into the area and would like to discuss a good buying strategy, I can help you with that too. Call or text me at 321.795.1854 or if you prefer to keep it through email https://cocoabeachinsider.com/contact/ 

About the author:

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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