How’s the market?
As we head into the summer market, the inventory for the county remains low. We have been hovering in the low 900’s for the last few weeks & I have not seen it breach into the 800’s yet…but we are getting close…Some trends I am seeing in new construction is the return of the lottery system…Viera Builders will release a handful of lots in 2 of their communities on a Saturday. Potential buyers need to provide a $5K check and pre-approval the Friday before the lottery to have a chance at a lot. They will also need to be present (or have their real estate agent present) for the Saturday drawing to see if they are getting a new home or not. Other builders, DR Horton for example, is waiting until the roof is on the home before they open a home for sale. If you have questions about new construction, I can certainly help.
Here is a recap of the housing market in Brevard County Florida and the Cocoa Beach area for May 2021.
Brevard County Florida
Active inventory 907
Sold property 1404
Months Supply .65 (under 3 weeks)
Average Price $339583
Median Price $272500
List/Sale ratio 98.5%
Days On Market 22 days
Property selling in less than 7 days 830 ( 59 % of the sales)
Property selling in less than 30 days 1152 ( 82% of the sales)
Property selling over $1M 29 properties
Highest price sale $3.425M Satellite Beach ocean front estate. 4 bedrooms 6500SqFt .92 Acres
Most Sales city of Palm Bay 274
Most sales zip code 32940 122
Average age/year built 1990/21 years
Average price per SqFt $188
Cocoa Beach & Cape Canaveral Sales for May 2021
Active inventory 40
Sold condos 65
Months supply .65 (under 3 weeks)
Average Price $338096
Median Price $315000
Average price per square foot $259 SqFt
Days On Market 35
Property selling in less than 7 days 32 (50%)
Property selling in less than 30 days 44 (66%)
Condos selling under $200K 15
Best selling complex Villa Vista selling between $270K-$291K and Windrush between $230K-$575K
Active inventory continues to drop for the condo market in Cocoa Beach and Cape Canaveral. We ended the month of May with only 40 condos on the market for sale (we should be over 200!!) The lowest condo for sale is in the Atlantic Gardens in Cape Canaveral for $100K to the highest priced condo at the Beachwinds complex. This is one of the largest condos on the beach, 5 bedrooms, 4 baths, 4560 SqFt penthouse listed for $2.5M. There are still 6 condos for sale under $200K with half the condos for sale are listed under $300K.
If you happen to own a condo that is a second home that sits empty most of the time or you have a tenant that is planning to move soon; you should really think about contacting your favorite Cocoa Beach real estate agent and see what your condo could sell for. You can call/text me at 321.795.1854 or visit my website to see what the value of your condo is right now. https://ericlarkin.remax.com/home-value-estimates (this link is good if you own a home too)
Single Family Homes
Active inventory 32
Sold homes 21
Months supply 1.52
Average Price $733023
Median Price $650000
Average price per square foot $346 SqFt
Days On Market 18
Property selling in less than 7 days 11
Property selling in less than 30 days 20
Homes selling under $500K 6
Homes selling over $1M 4
As sellers & listing agents continue to test higher list prices, our inventory has begun to grow a little. It still hasn’t slowed down the sales beach-side. 20 of the 21 sales that happened in May were on the market for less than 30 days. The 1 sale that took longer than that was new construction; which always has a longer days on market than a resale (they premarket before ground is broken and this extends the days on market).
Ending the month of May, there were 32 active homes for sale in Cocoa Beach and Cape Canaveral. 8 of the active homes are priced under $500K. The lowest price home is a fixxer upper on the corner of W Suwanee and N Banana River for $375K. The highest priced home is an oceanfront estate home with 6 bedrooms and 4 baths listed at $4.699M.
Even though our single family home inventory has creeped up a little, we are still well below the 60 homes we are used to seeing for sale. Just as I mentioned about the condos beachside; if you have a second home you haven’t really used lately OR you have a rental property and you are curious on the property value…give me a call or text 321.795.1854 or visit the website to see your homes value https://ericlarkin.remax.com/home-value-estimates
In case you were not aware, my name is Eric Larkin and I am a real estate agent with RE/MAX Aerospace. I post regularly on this blog CocoaBeachInsider.com about living, working, playing & real estate updates for the Cocoa Beach area and the Space Coast. If you happen to be moving either into our area, somewhere around the Space Coast, or you are relocating out of the area; I am certain you have questions about the move. I hear from people just like you with questions I love to answer & I would love to answer any questions you have. It is as simple as giving me a call/sending a text to 321.795.1854 or send me your questions by filling out 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.
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