Housing Market Update Q3 2021 for Brevard County and the Cocoa Beach Area

Housing market update Q3 2021 for Brevard County and the Cocoa Beach area.

How’s the market???

Even though the market feels like it is calming down/cooling off…it is still a very active seller’s market. This post will provide the stats for the month of September 2021 for both Brevard County and the Cocoa Beach area, the stats for the 1st 3 quarters of 2021 versus 2020, and a breakdown of the rental market for Brevard County.

Brevard County breakdown for September 2021

Fall colors in the photo. Text overlay is days on market for September was 17 dasys.
Properties are still selling quickly

Active inventory 1371

Sold Property 1282

Average Sold Price $370532

Median sales price $300000

List/Sale ratio 93%

Average days on market 17.44 DOM

Property selling in 30 days or less 1071 or 83%

Property selling in 7 days or less 689 or 54%

Property selling over $1M 32

Highest priced sale $4.3M direct ocean estate in Cocoa Beach

Homes selling under $200K 96

Most sales happened in Palm Bay 281

Most sales happened in the 32940 zip code 114

Average age of home/year built 32 years built in 1989

Average size of home 1782 SqFt

Average price per square foot $199.97 SqFt

Cocoa Beach and Cape Canaveral

Condo sales

Currently, there are 61 active condos for sale in Cocoa Beach and Cape Canaveral. Ranging in price from $97,900 for an efficiency at the Essex House condos in Cocoa Beach to pre-construction price of $1.695M for the new Surf condo that is under construction now.

Map view of Cocoa Beach and Cape Canaveral showing the active condo locations.
Price range of active condos in Cocoa Beach & Cape Canaveral

Active inventory 61

Sold condos 38

Month Supply 1.61 months

Average Price $304175

Median Price $235000

Average price per square foot $254 SqFt

Days on Market 15.33 DOM

Property selling in 30 days or less 31

Property selling in 7 days or less 18

Condos selling under $200K 16

Best selling complex The Villages of Seaport 3 sales $195K, $199K, and $259K

Map view of the sold condos in Cocoa Beach and Cape Canaveral. The Villages of Seaport is the best selling complex for September.
The Villages of Seaport is one of the best selling condos in Cape Canaveral and Cocoa Beach

Condo sales ranged in price from $70,800 for a one bedroom in the Golden Gate Manor in Cape Canaveral to $975K for a 3 bedroom, 3 bath, 2nd floor direct ocean in the Ocean Paradise condominiums in south Cocoa Beach.

Single Family Homes

Active inventory in Cocoa Beach and Cape Canaveral is between $418K for a 3 bedroom home on Jefferson Ave to $2.85M for a direct ocean home just south of Minutemen Causeway/Downtown Cocoa Beach. There are 6 homes listed for sale under $500K

Active homes 29

Sold homes 12

Months Supply 2.4 months

Average sales price $950,750

Median Sales price $560,000

Average price per square foot $382 SqFt

Average days on market 33 DOM

Property selling in 30 days or less 7

Property selling in 7 days or less 5

Homes selling under $500K 3

Homes selling over $1M 2. $4.3M for the direct ocean near downtown and $1.725M in the Cove View subdivision in south Cocoa Beach on the river.

fall colors in the background with text overlay showing the average sales price for a home in Cocoa Beach in September was $950,750
Record high average sales price for a home in Cocoa Beach & Cape Canaveral. This is because of a $4.3M sale and a $1.725M sale in Cocoa Beach

The lowest priced home to sell was a fixer upper on Bermuda that sold for $305K and the highest priced home (now mentioned THREE times) sold for $4.3M just south of downtown on the ocean.

As you can see by the above breakdown, the market is very active. Is it sustainable? Are we on the verge of a market crash? Lets compare the first 3 quarters of 2021 to 2020 and see if there are signs of a slow-down.

Total sales through the 3rd Qtr 2021 versus 2020

We have sold 12934 properties in our MLS in 2021 compared to 11276 properties sold in 2021. This is almost a 15% increase in closings.

Median price for 2021 is $280,000 versus $245000 in 2020. This is almost a 15% increase.

Average sales price for 2021 is $344,644 versus $290,643 in 2020. This is over an 18% increase.

Average Days on market in 2021 24 days versus 49 days in 2020. Properties are selling quicker.

Leaves turning red in the background with text overlay showing the increase in both average sales price and median sales price from 2020 to 2021
Will the prices continue to rise in 2022???

In 2020, we had 6394 properties sell in 30 days or less. In 2021, we had 6950 properties sell in 7 days or less. This reinforces the previous stat that homes are selling quicker (over half the sales happened in 7 days or less)

In 2020 (the entire year) we had 202 sales in our MLS for over $1M. The highest priced property to sell in Brevard County was $3.65M (a riverfront home in Melbourne Beach) Just through the 1st 3 quarters of 2021, we have had 259 sales in our MLS for over $1M. The highest priced property to sell in Brevard County was a $4.5M Merritt Island estate.

Yes, we are seeing a slight increase in our active inventory. Sales for September 2021 are slightly behind September 2020 (1282 versus 1421) This is still better than the previous years for the month of September and we are well ahead of the previous 5 years sales too. The only factors I see changing our local markets are the increase in interest rates and/or insurance costs.

The Rental Market

Even though my main focus is residential sales, I get regular questions about the rental market. I wanted to get updated numbers to see how they compare to a blog post I put together in 2018

The rental market was very low in inventory in 2018 and the rental market has only gotten tighter. The numbers used in my previous blog and below are for unfurnished single family homes here in Brevard County where the owner/property manager are looking for a long term, 12 month lease agreement. As of today (10.6.2021) we currently have 70 single family homes for rent for the entire county. The lowest price home is $1200 for a 2 bedroom 1 bath home. The lowest priced 3/2 is listed at $1500 per month. Median rental price is $2000 per month. If you are interested in either starting a rental portfolio or expanding your rental portfolio, you should certainly consider Brevard County Florida.

House photo with text overlay showing the rental market stats from 2018 in Brevard County
Trends from the sprind of 2018

Here is a breakdown of the rental market January through September of 2021. 

There have been 1544 homes rented during the first 3 quarters of 2021, averaging 171 homes renting a month. We have 70 active rentals today, which means we have less than a 2 week supply of rental property. The average days on market for a rental is 15 DOM. The rent range for the year has the lowest rental at $750 per month to $5500 per month. Median rental price is $1750 and the average rental price is $1883. Keep in mind that most of the rentals are 30+ years old. For this reason, you should consider new construction. Brand new home that comes with a builder warranty for the first 12 months. New construction property should need less maintenance and it is much less expensive to insure the home. Here is a link to see whats available for under $350K

https://ericlarkin.chime.me/new-construction-under-350k

Are you concerned about what rental rates are doing? Here are the numbers for the last 2 years

Total property rented January through September:

2020 1955 home rentals

2019 1951 home rentals

The only reason there has been a decrease in rentals in 2021 is because we have not had any inventory for a potential tenant to choose from.

Rent range

2020 lowest rental $650 to $4700

2019 lowest rental $750 to $6500

Median rent price

2020 $1595

2019 $1500

Average rent price

2020 $1688

2019 $1645

Average days on market

2020 26 DOM

2019 23 DOM

The same economic factors that are here in Brevard County that are causing a large demand on the residential market is causing the same demand in the rental market. Actually, there is more of a demand for rentals because we have people looking to buy, cannot find a house and are being forced to rent until they can buy their house. Because of this high demand and low inventory, its seems to be a fantastic time to either expand on your rental portfolio or, if you have been wanting to purchase your first rental property; we should talk! You can call or text Eric Larkin with Real Brokers, LLC or simply complete the form below.


About the author:

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.

What questions do you have about buying or selling a home? Contact Me

Call/Text 321-795-1854

Email Eric@EricLarkin.com

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