Housing Market Update for Brevard County Florida and the Cocoa Beach Area
How’s the market is the most popular question I hear. Some other questions I have been hearing are: Are we in a bubble? Is this a good time to buy? Is this a good time to sell? My favorite is more of a statement “I’m just going to wait to buy because the market will be crashing soon”
I really do not see the market crashing anytime soon because of the incredibly high demand we have for real estate and how incredibly low our inventory is at. The rising interest rates and the higher cost for homeowners insurance haven’t had an impact on the market I thought it would. The new construction usually helps, but with the supply chain issues and the high demand, it is just as difficult to buy a new home as it is to purchase a resale.
Here are the numbers for February 2022 in Brevard County
Active inventory 796
Sold property 1149
Months Supply 0.69 months (less than 3 weeks)
Average Price $384,793 in 2022 vs $295,912 in 2021
Median Price $320,000 in 2022 vs $255,000 in 2021
List/Sale ratio 98%
Average price per SqFt $217.62 SqFt
Days On Market 21.73 DOM
Property selling in less than 7 days 658 properties
Property selling over $1M 27 properties
Highest price sale $3.020M Melbourne Beach home
Home sales under $200K 48 homes
Cocoa Beach and Cape Canaveral Florida
Condos
Active inventory 34
Sold condos 61
Months supply 0.56 months (about 2 weeks)
Average Price $417,456 in 2022 vs $319,533 in 2021
Median Price $375,000 in 2022 vs $305,000 in 2021
Average price per square foot $306.43SqFt
Days On Market 27.52 DOM
Condos selling under $200K 8
Best selling complex Stonewood with 4 sales and Atlantic Gardens with 3 sales
Single Family Homes
Active inventory 20
Sold homes 12
Months supply 1.67 Months
Average Price $927,250 in 2022 vs $528,772 in 2021
Median Price $665,000 in 2022 vs $450,000 in 2021
Average price per square foot 418.05
Days On Market 50.83 DOM
Homes selling under $500K 3
Homes selling over $1M 4
As you can see by the February numbers, our housing market is still pretty crazy. We have been at or below a 1 month supply of property on the market for over a year. We need to see an increase of properties available along with a slight decrease in sales in order for things to shift to a less intense sellers market. If you have been wanting to sell and are curious what you could realistically list and sell your home or condo for, you can either schedule a call https://calendly.com/eric_larkin or visit my website to get an idea https://ericlarkin.chime.me/evaluation
If you are looking to make a move into Brevard County, I am certain you have questions. You can either schedule a phone call here https://calendly.com/eric_larkin 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.
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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