How’s the market?
Here is what happened in our housing market for the Space Coast in November 2020. Active inventory remains at record lows and property sales are still ahead of sales for 2019. We ended the month of November with 1972 properties for sale and barely beat last year’s closings for the month with 1197 sales in 2020. This puts our inventory at a 1.66 month supply and is the 6th month straight our real estate inventory has been under a 2 month supply.
Stats for the Space Coast:
Most of the home sales happened in Palm Bay with 232 sales
The best selling zip code is 32940 with 117 sales
The highest priced property sold for $2.1M in Rockledge Florida. 4 bedroom 4 bath river-front home with over 4300 SqFt and is on an acre of land.
17 properties sold for over $1M
Median selling price $265000
Average sales price $322054
Average days on market 40 days
490 properties sold in less than 7 days
774 properties sold in less than 30 days
Cocoa Beach and Cape Canaveral housing market update for November 2020
Condo inventory is up slightly at the end of November to 121 condos available for sale. Prices range from $92K for a condo at the Golden Gate Manor in Cape Canaveral to $2.997M for the 10003SqFt penthouse in the Villa Verde condominiums in south Cocoa Beach. Most of the active condos are available for under $300K in Cocoa Beach & Cape Canaveral.
Condo sales remain strong in Cocoa Beach and Cape Canaveral with 62 sales. Condo sales ranged from $73K for a condo in the Golden Gate Manor in Cape Canaveral to $900K for a 3rd floor direct ocean condo in the Riomar condo in south Cocoa Beach.
Stats for the Condo market in Cocoa Beach & Cape Canaveral:
Median selling price $354000
Average selling price $364107
Average days on market 62
Casa Playa and Shorewood tied with the most sales this month with 3 each.
Casa Playa is an oceanfront condo in south Cocoa Beach. A 1st floor condo with 1702 SqFt sold for $350K and two 4th floor condos sold for $587500.
Shorewood is an oceanfront complex in Cape Canaveral. The 3 sales were all 2 bedroom condos ranging from $295K to $395K
Single family homes
Single family homes sales have been strong in Cocoa Beach and Cape Canaveral the last 2 years and the single family home inventory continues to drop. We ended the month of November with 24 homes for sale in Cocoa Beach and Cape Canaveral compared to having 60 homes for sale at the end of November 2019. The lowest price home on the market today is a 3 bedroom home on Harrison Ave in Cape Canaveral for $339K to the highest price home for $1.399M for a direct river home in Snug Harbor in South Cocoa Beach. Most of the homes for sale in Cocoa Beach and Cape Canaveral are priced over $500K.
Home sales in Cocoa Beach and Cape Canaveral were 12 for the month of November 2020 compared to 5 that happened November 2019. The lowest priced home sold for $245K on W Gadsden, a 3 bedroom home on the west side of A1A to a 4 bedroom canal front home on S Banana River Blvd in Cocoa Beach for $1.049M. This was a cash transaction & the home was on the market for 1 day!
Stats for home sales in Cocoa Beach & Cape Canaveral:
Median selling price $465000
Average selling price $547033
Average days on market 48
Home sales were scattered throughout the Cocoa Beach and Cape Canaveral area. There were 4 homes sales in the communities just north of 520 on either side of Banana River Drive. 2 in the Venetian Way subdivision and 2 in the Cocoa Ocean Beach Subdivision.
Forecast for the future?
Until our inventory can build again and there is a high demand for real estate, our real estate market in Cocoa Beach, Cape Canaveral and all of Brevard County will remain as active as it has been the last 6 months. Traditionally November, December & January are our slow months and the only thing I have seen slow so far is the number of properties coming on the market. New listings have been playing catch-up to the high demand of buyers in our area since the COVID pandemic began in the spring.
The buyers we have been seeing are in the expected categories. They are locals that are changing from being renters to homeowners. They are also locals that are needing to either up-size or down-size their homes. We are seeing people move into the area in support of the space program and all the positive things happening at the Space Center. This included SpaceX, Blue Origin, and NASA. The other aerospace and government contract companies (L3Harris, Northrop Grumman, Lockheed Martin, Boeing, Embraer, etc) are also bringing jobs and employees to Brevard County. We have also added the new category, people from the west coast (Washington, Portland & California) showing an interest in our area along with New York, New Jersey, Illinois, Wisconsin, and Minnesota inquiring about homes and condos in the area. These buyers are either given the OK to work remotely and are looking for our tropical climate, or they are using the pandemic as a reason to reset and find a better place to live. No matter the circumstances for the buyer demand, it will continue to be a sellers market with a high buyer demand as long as our housing inventory is at the current low inventory levels.
If you have had any thoughts about selling your home or condo in Cocoa Beach or anywhere on the Space Coast, this is a great time to speak with me or another real estate agent to see what the low inventory and high demand means for your home. Call or text me at 321-795-1854 to start the conversation or visit this sight for some basic information on the value of your house or condo https://ericlarkin.remax.com/home-value-estimates
If you do have questions about what all this means to you, let me know and I will get you the answers. I get questions everyday from people moving into the area, moving out of the area, or just want to work on a plan for the future. I am always happy to answer these questions & I would love to hear from you. You can call or text me 321-795-1854 or provide some of your information below and I will be happy to answer your questions through email too. Thank you for taking the time to read this housing market update for November 2020.
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.
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