How’s the market?
2020 had an impact on the real estate market very few saw coming. Shortly after the nation shutdown for the Coronavirus in March, the real estate market pretty much stopped for about 2 weeks. Then it was full throttle. Kinda like stopping your garden house by bending or crimping it, then letting go. The first quarter of 2020 was exactly as expected. April sales pulled back some and May sales were significantly lower than what they should have been (there is a 30-45 day lag between a contract and closing). We consistently beat previous years from June forward to December and ended the year with the total number of closings of 15383, a slight increase over 2019’s 14678 sales.
What didn’t happen in 2020 was the listings coming on the market were not keeping up with the number of properties that were selling. We had an increase in the closings by 697 and we had a decrease of properties coming on the market by 984; which caused our active inventory to drop throughout the year to our current levels below1900 properties for sale. Needless to say, we are in a sellers market. Our inventory levels have been well under a 2 month supply of property the last 7 months.
Brevard County Sales 2020
15383 properties sold in our MLS (1.9.2021 date stats were pulled)
Average sales price 297777
Median sales price 250000
List to sales price percentage 94.32%
Average days on market 47
Properties selling in 7 days or less 4831 (31.4%)
Properties selling in 30 days or less 8548 (55.57%)
Sales over $1M 168
Sales over $2M 15
Sales over $3M 4
Highest sale $3.650M
The city of Palm Bay had the most properties sold 2904
The zip code 32940 had the most properties sold 1503
Average age of property 29 years old (built in 1991)
Average size of property 1799 SqFt
Cocoa Beach and Cape Canaveral
Condos
654 condos sold in our MLS (1.9.2021 date stats were pulled)
Average sales price 302939
Median sales price 278900
List to sales percentage 94.53%
Average days on market 65
Properties sold in 7 days or less 165
Properties sold in 30 days or less 317
Sales over $1M 4
Sales under $200K 210
Average age of condo 1332 SqFt
Average size of condo 1982
Best selling condo complexes
The Villages of Seaport had 25 sales ranging from $150000 to $275000.
The Four Seasons had 17 sales ranging from $175000 to $390500
Stonewood Towers had 15 sales ranging from $360000 to $840000
Harbor Isles had 15 sales ranging from $190000 to $314000
Single Family Houses
203 homes sold in our MLS (1.9.2021 date stats were pulled)
Average sales price 562004
Median sales price 480000
List to sales percentage 94%
Average days on market 60
Properties sold in 7 days or less 63
Properties sold in 30 days or less 107
Sales over $1M 13
Sales under $300K 14
Average age of home 2088 SqFt
Average size of condo 1969
Best selling areas
Cocoa Isles had 46 sales ranging from $255000 to $1290000
River Isles had 21 sales ranging from $425000 to $1158000
Venetian Way had 18 sales ranging from $365000 to $699900
Cocoa Ocean Beach had 16 sales ranging from $245000 to $625000
Predictions for 2021
There are no signs that our sales will be slowing down in 2021 or even further out. We have been consistently selling 13,800 or more properties a year the last 5 years (1201 per month average) For our inventory to return to a balanced market, at least a 4 month supply; we would need to see a flood of property coming on the market over the next 12-18 months & I do not see that happening.
If you have been thinking about selling a property, either we need to talk or you need to give your real estate agent a call to have a conversation about what all this means for you. Make certain they have a comprehensive review of the sales in your area and provide an estimated net sheet so you can see what you could make from the sale of your property. If the property is a rental, you will also need to speak with your CPA before you list to have an understanding of the taxes you will owe with the sale & how much of the depreciation you will need to pay back to Uncle Sam. If you do not have a CPA that is well versed in real estate investments, I have recommendations for you to speak with someone. (even if you didn’t claim the depreciation, you will still have to claim it on your taxes) a 1031 exchange could also be an option with the sale of your investment property if you would like to defer the taxes and purchase another rental property (maybe upgrade the property???) If you are not ready to talk and simply want a quick snapshot of the value of your home, visit this website https://ericlarkin.remax.com/home-value-estimates
If you plan on buying a property, you are going to need a plan; especially if you are selling the home you are currently living in and plan on upsizing, downsizing or using the equity of the current home to buy another property. If you are using a mortgage for the purchase, talk to a lender first. If you would like recommendations on a great lender, let me know. I recommend talking with them about buying first and confirm you are comfortable with the additional mortgage and confirm you can qualify for a second mortgage while you still own your current home. If this can work, you will be able to find the right house first, move in, and then sell your current home (& not have to worry about coordinating your home life around people wanting to see your home)
Questions? Comments? I am happy to help. Call or text me at 321-795-1854 or complete the box below.
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.
Planning a move or have questions about our area? Eric Larkin with Real Broker, LLC can help! Schedule a call here https://www.ericlarkin.com/schedule-a-call
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