Housing market update March 2022 Brevard County and Cocoa Beach Florida will include an overview of the 1st quarter and predictions in the market.
How’s the market?
So far, the new year has continued the trend from the previous 2 years…lots of buyers, multiple offers, property selling over the asking price, and not enough sellers putting their property on the market…Here is your housing market update for March 2022.
Brevard County Florida
Active inventory 834
Sold property 1452
Months Supply 0.57
Average Price $395,723 2021 $319,993 23% increase
Median Price $330,000 2021 $268,500 23% increase
List/Sale ratio 98%
Average price per SqFt $228.15 SqFt
Days On Market 19.59
Property selling in less than 7 days 898 ( 61 % of the sales)
Property selling over $1M 36
Highest price sale $2.8M
Home sales under $200K 68
Cocoa Beach Area Update
Active inventory 38
Sold condos 58
Months supply 0.65
Average Price $369,781 2021 $317,996 16% increase
Median Price $301,000 2021 $279,100 7.8% increase
Average price per square foot $309.17 SqFt
Days On Market 16.72
Condos selling under $200K 9
Best selling complex Hidden Harbor and Emerald Seas
Single Family Homes
Active inventory 21
Sold homes 13
Months supply 1.61
Average Price $1,027M 2021 $760,033 35% increase
Median Price $680,000 2021 $695,000 2.2% decrease
Average price per square foot 436.02
Days On Market 23.56
Homes selling under $500K 0
Homes selling over $1M 3
1st Quarter recap & Predictions
A lot of people are predicting a market crash is inevitable. Just look at the headlines…
I am certainly not clairvoyant, but I do study our MLS every day looking at the trends and seeing if there are any changes that are happening. Here is what I am seeing.
Active inventory is still low. Here are the first-quarter numbers of the last 3 years. Until our inventory starts to rise, we will remain in a seller’s market.
Sales are still strong. 1st quarter sales were way ahead of 2020’s sales and were slightly behind 2021’s 1st quarter sales. Keep in mind that 2021 was a record-breaking year.
The month’s supply of property for sale has been at or below 1 month since February 2021. A buyer’s market is anything over a 6 months supply. A balanced market is a 4-6 month supply. A seller’s market is under a 4-month supply. We need to see fewer sales and/or a lot more properties coming on the market.
IF our monthly sales drop to 1000 properties per month, which we haven’t seen since 2013; our active inventory would need to be over 4000 to put us at a 4-month supply. This would be considered a balanced market. A lot would have to happen for our sales to drop that much.
What we need is more property to come on the market. Here are the first-quarter numbers of the last 3 years. We are just above last year’s numbers, but not by much…and nowhere near 2020. Why are we not seeing more listings on the market?
You would think it’s a wonderful time to be a Seller, but that is not the case if they need to sell their home to purchase the next property. Selling isn’t the issue…it’s finding the next home.
The best scenario for a Seller is if they do not need to sell in order to buy their next property, the property is a second home and is not really being used, or it’s a rental property.
In our current market, it is best for the seller to qualify for their new home without needing to sell the current home. The next best thing for a seller is to list their current home and require a post-occupancy for up to 60 days to allow them time to find the next property (which still might not be enough time).
An option could be to find a rental property and take your time finding your next home. Or you can put all your stuff into storage & get a short-term rental until you find your next home.
Bridge loans are making a comeback. This will allow a seller to tap into the equity in their current home to help them purchase their next house.
Something that could change our current market is an increase in the interest rate. The last time we had a significant increase in rates was the fall of 2018. This did slow the market down a little at the end of 2018. Rates did go back down in 2019 and that market was only affected for short while. We shall see what will happen to our market now that rates are in the mid to high 4% range.
If you are planning a move in the next few months and you are wondering what the value of your home is; I am happy to help. You can either call/text Eric Larkin with Real Brokers at 321.795.1854 or enter your address here for a market snapshot https://ericlarkin.chime.me/sell
If you have any questions about the real estate market or the Space Coast, you can contact me 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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