How’s the market??? If you have seen any of the other updates I have put out recently, this update is pretty much a repeat…inventory is low…sales are up…properties are selling quickly…Here is the breakdown for Brevard County.
Active inventory 1299
Sold property 1399
Months Supply .92 (just under 1 month)
Average Price $360,621
Median Price $314,900
List/Sale ratio 97%
Days On Market 19.35
Property selling in less than 7 days 770 ( 55 % of the sales)
Property selling in less than 30 days 1139 (81 % of the sales)
Property selling over $1M 22
Highest price sale $2.2M Riverfront estate in Melbourne on 1.57 acres near EGAD
Home sales under $200K 93
Best Selling city Palm Bay 286
Best Selling Zip 32940 119
Average age/year built 31 years/built 1990
Average size 1774SqFt
Average price per SqFt $200.93
I really thought the active inventory would be creeping a little higher as we entered the 4th quarter, which is traditionally a slowing down period until the Snowbird/Spring Break sales start happening after the first of the year. It appears we will continue to have a very active market for a while.
Here is a breakdown of the Cocoa Beach and Cape Canaveral area
Condo sales in Cocoa Beach and Cape Canaveral usually start slowing down in October as we approach the year’s end, mirroring the activity for Brevard County. Just like the county hasn’t slowed down, the same is true with the condos. Total condo sales in Cocoa Beach and Cape Canaveral in 2020 656 sold units/condos. So far year to date through the end of October, we have sold 667 condos putting us in a position to sell over 800 condos for the year. Average sales per square foot are also up. We are averaging $260 SqFt for condo sales this year versus $220 SqFt in 2020. Condos are also selling quicker. 64 average days on market in 2020 versus 32 in 2021. Right now, we have 66 active condos for sale in Cocoa Beach & Cape Canaveral ranging from $89K for a one-bedroom condo in Cape Canaveral up to $1.625M for unit 407 at the Surf condominiums downtown. Here are the rest of the numbers.
Active inventory 62
Sold condos 71
Months supply .87 (under 1 month)
Average Price $332,441
Median Price $299,900
Average price per square foot $272.77
Days On Market 20.39
Property selling in less than 7 days 38
Property selling in less than 30 days 53
Condos selling under $200K 13
Best selling complex The Villages of Seaport with 6 sales ranging $177K-$265K
The price range for condo sales in Cocoa Beach and Cape Canaveral is $80K for a 1 bedroom in Cape Canaveral at the Ebb Tide condos. Up to $937,500 for a direct ocean 3 bedroom 2400+SqFt on the 2nd floor at the Ocean Paradise condo in south Cocoa Beach.
Single Family Homes Cocoa Beach & Cape Canaveral
We are selling a lot of homes in Cocoa Beach and Cape Canaveral compared to past years, BUT we are behind home sales in 2020. We have sold 149 homes through the end of October 2021 versus 174 home sales through the end of October 2020. (2019 same time frame had 135 home sales) The slight slowdown has not affected the prices…the average sales per square foot in 2020 was $261SqFt compared to $337SqFt in 2021. The current price range of active homes is $418K for a 3 bedroom home on Jefferson Ave to $2.4M for a direct ocean home near 6th St South Cocoa Beach. Here is a breakdown of the rest of the single-family home stats for Cocoa Beach and Cape Canaveral.
Active inventory 23
Sold homes 14
Months supply 1.64 months
Average Price $703,071
Median Price $450,000
Average price per square foot $325.97 SqFt
Days On Market 37
Property selling in less than 7 days 6
Property selling in less than 30 days 9
Homes selling under $500K 7
Homes selling over $1M 2 ($1M for riverfront on Barello Lane in Cocoa Beach and $1.999M for riverfront on Holman Rd in Cape Canaveral)
We had more homes sell under $500K this month than previous months all year. The lowest home sale in October was $356K for a house on Grant Ave with the highest-priced home on Holman Rd for $1.999M
Since our property sales are still strong ending the month of October with our active inventory being below 1 month; all signs are indicating this strong real estate market will carry over into the new year. What are your predictions? Let me know here https://cocoabeachinsider.com/contact/
If you would like to know what this means for your property values, I would be happy to have a conversation with you. You can call/text Eric Larkin with Real Brokers at 321.795.1854 or visit my website for a quick value check https://ericlarkin.chime.me/evaluation
If you would like to discuss buying a property, I am happy to speak with you too. Call/text Eric Larkin with Real Brokers 321.795.1854 or send me a message 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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