Housing Market update August 2021 for the Space Coast and Cocoa Beach area.
How’s the market?
Inventory is growing. New inventory is behind 2019 trends. Year to date sales are well above anything we have seen and they do not appear to be slowing down yet. We are averaging 1435 closings per month in 2021. Well above the average monthly sales for the last 4 years (these are YTD numbers)
Yes, the market is going through a correction and our active inventory is rising. If/when the numbers return to what we were seeing in 2017-2019, we will still be in a sellers market.
This is worth repeating:
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.
Here are the numbers for Brevard County. All the stats were pulled from the Space Coast of Realtors MLS on September 1st and September 5th 2021.
Active inventory 1403
Sold property 1431
Months Supply 1.01
Average Price $366,893
Median Price $310,000
List/Sale ratio 98.4%
Days On Market 16.57
Property selling in less than 7 days 817 or 57 % of the sales
Property selling in less than 30 days 1235 or 86 % of the sales
Property selling over $1M 28
Highest price sale $4.2M South Merritt Island estate 9K SqFt on 4.8 Acres
Home sales under $200K 110
Most Sales Palm Bay 289
Best selling zip code 32940 with 156 sales
Average age/year built 30 years old built in 1991
Average size 1783 SqFt
Average price per SqFt $200.26
Cocoa Beach and Cape Canaveral market update August 2021
Since we sell more condos in Cocoa Beach & Cape Canaveral versus single family homes, I always like to start with the condo stats. The active condo inventory has grown since the low point in May from 40 active listings to 69 at the end of August. We are still well below the 200+ condos we are used to seeing in the past. Year to date we have closed 550 condos in the Cocoa Beach & Cape Canaveral area, an average of 68 per month. This is well above the average the last few years.
In the past, we seemed to have a 4-5 month supply of condos on hand and that is averaging a 1 month supply in 2021. Here is a breakdown of the condo numbers for August 2021 in Cocoa Beach & Cape Canaveral
Active inventory 69
Sold condos 55
Months supply 1.25
Average Price $337,860
Median Price $265,000
Average price per square foot $268SqFt
Days On Market 23
Property selling in less than 7 days 23
Property selling in less than 30 days 43
Condos selling under $200K 16
Best selling complex The Villages of Seaport had 4 sales ranging from $198K to $300K
Condo sales ranged from $75K to a one bedroom in the Golden Gate Manor in Cape Canaveral to $1.2M for a second floor 3 bedroom, 3 bath direct ocean condo in the Cocoa Cabana complex.
The single family home market in Cocoa Beach & Cape Canaveral is balancing out compared to the rest of the county. The Space Coast saw the bottom in May 2021, where Cocoa Beach & Cape Canaveral had its lowest month of homes for sale in February with only 18 homes to choose from. Home sales are still a little behind 2020 and are in line with the previous years. We have sold 121 homes through August, averaging just over 15 per month. Here are the monthly averages from the previous years
Active inventory 31
Sold homes 16
Months supply 1.94
Average Price $777,525
Median Price $655,000
Average price per square foot $333SqFt
Days On Market 45
Property selling in less than 7 days 6
Property selling in less than 30 days 11
Homes selling under $500K 3
Homes selling over $1M 4
Highest priced home sale $1.285M for a 5 bedroom direct river estate on S Banana River Blvd in Cocoa Beach
The bottom line for our real estate market either in Cocoa Beach/Cape Canaveral or throughout Brevard County is this…We will continue to be in a sellers market for sometime. Even though inventory is rising, keep in mind that we are still below 2020 inventory levels and way below the previous 8 years of inventory in the area. Home prices will continue to rise until our inventory levels off or our sales start to stall. This is an exceptional time to consider selling a property, which I am happy to discuss with you.
If you are interested in purchasing, this is still a great time to consider doing this too.I know, that definitely sounds “Sales-ee”, let me explain. Yes, more than likely the increase in prices we are seeing should slow down some and may even drop in some areas. The likelihood of this being a trend is slim. You cannot time the market. I have always said that if you are planning to purchase a property, and the payment makes sense with your budget; it makes sense to own a home. Interest rates are still ridiculously low. The alternative is renting. The rental market is as crazy (or crazier) as the sales market. Rent prices have gone up considerably over the last 5 years and the quality of the rentals have not improved much (if any). If you have any questions about a purchase or relocating into the Brevard county area, I am happy to answer them and help you with your move.
If you do have questions about moving into the Space Coast area, around the Space Coast area, or you are moving out of the area, I am happy to help. It’s as simple as calling/texting 321.795.1854 or entering your info & question 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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