Housing market update July 2021 Brevard County and Cocoa Beach Florida
Are we in a housing bubble?
Is a housing crash coming?
When will the housing market crash?
When will house prices drop?
Are you wondering about any of these questions or scenarios? I hope to answer them in this post.
Inventory is rising. Yes, we have finally seen a little bump up in our active inventory throughout Brevard County. We ended the month of July with 1367 active listings for the entire county. Inventory has not been this high since February 2021. Even though it is up compared to just 6 months ago, last July (2020), our active inventory was at 2394. Here’s what the July inventory levels have been for the last few years.
Our housing market is simply going through an adjustment right now. The pace of sales is still very strong. We have sold more property year to date than we have the last 5 years.
Our new listing inventory coming on the market is still lagging behind past years. We are just ahead of 2020 numbers but are way behind the amount of property coming to market 2019-2017
Until our active inventory rises above 3500 and our sales drop to under 1000, we will continue to be in a sellers market. A quick reminder of the different markets. Sellers market is under a 4 month supply of properties for sale. A balanced market is 4-6 months. A Buyers market is 6+ month supply of homes for sale. The real estate market has been considered a sellers market in Brevard County since 2012.
How’s the market?
Here are the stats for Brevard County Florida
Active inventory 1367
Sold property 1347
Months Supply 1.01 (Back over a months supply)
Average Price $362,103
Median Price $300,000
List/Sale ratio 99%
Days On Market 14.78 days on market
Property selling in less than 7 days 849 (63% of the sales)
Property selling in less than 30 days 1192 (88% of the sales)
Property selling over $1M 28 with 3 over $2M
Highest price sale $2.9M Melbourne Beach direct ocean 4 bedrooms 3400+SqFt 0.6 acre lot
Home sales under $200K 96
Most Sales city: Palm Bay 261
Most sales by zip: 32940 135
Average age/year built 30 Years/built 1991
Average size 1790
Average price per SqFt $198.85
Here is what is happening in the Cocoa Beach and Cape Canaveral area.
The condo market continues to be exceptionally strong in Cocoa Beach and Cape Canaveral. Active inventory is at 60 condos for sale. Compare this to past inventory levels, we have very few condos to choose from in Cocoa Beach and Cape Canaveral.
Price range for the current available condos range from $75K for a studio condo in the Golden Gate Manor Cape Canaveral to the 4500SqFt 5 bedroom penthouse in the Beach Winds complex in Cocoa Beach for $2.5M.
Active inventory 60
Sold condos 54
Months supply 1.11 months
Average Price $350,771
Median Price $295,000
Average price per square foot $279 SqFt
Days On Market 20
Property selling in less than 7 days 35
Property selling in less than 30 days 44
Condos selling under $200K 13
Condo prices ranged from $90K for a Surf-n-Sun studio in Cocoa Beach to $1.245M for a 4 bedroom 3300SqFt direct ocean condo in the Ocean Oasis building Cocoa Beach
Best selling complex The Four Seasons had 3 sales in July 2021 $239K, $265K and $305K
Single Family homes in Cocoa Beach and Cape Canaveral
Year to date single family homes sales in Cocoa Beach and Cape Canaveral may be a little behind 2020 sales through July, but we are ahead of a typical year in this beach side community. The active inventory level is still considered low compared to past years’ beachside.
Price range for active single family homes in Cocoa Beach and Cape Canaveral range from $420K for a 3 bedroom 1200 SqFt home in Cape Canaveral to $4.7M direct ocean home in south Cocoa Beach.
Active inventory 36
Sold homes 16
Months supply 2.25 months
Average Price $641,198
Median Price $620,000
Average price per square foot $370SqFt
Days On Market 29
Property selling in less than 7 days 7
Property selling in less than 30 days 11
Homes selling under $500K 4
Homes selling over $1M 1
Home sales ranged from $440K for a 1300SqFt 2 bedroom home in Snug Harbor south Cocoa Beach to $1.03M for a 2600SqFt canal front home that is also in Snug Harbor.
So, how is the market? I believe the sellers market we have experienced the last 12 months will continue, but maybe not quite as intense as our inventory appears to be growing a little throughout the county. Just because we have seen an increase the last few months does not mean we are in a bubble. If you have any questions about our housing market in Cocoa Beach or Brevard County, I am here to help. Call/Text Eric Larkin with Real Broker, LLC 321.795.1854 or register your comment 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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