Housing Market Update April 2022 Brevard County and Cocoa Beach Florida
How’s the market??? It’s trying to change…Interest rates have risen to over 5% which will have an impact on a buyer’s ability to purchase a home. Inventory is up slightly at the end of April 2022 BUT we are still under a 1 month’s supply for Brevard County. I will give my predictions for the summer at the end of this post. Here are the stats for the county.
Brevard County April 2022
Active inventory 1012
Sold property 1404
Months Supply 0.72 months (less than 3 weeks)
Average Price $420,098 2021$353,187 19% increase
Median Price $342,000 2021$275,000 25% increase
List/Sale ratio 99%
Average price per SqFt $236.04SqFt
Days On Market 15.72 DOM
Property selling in less than 7 days 925 (91 % of the sales)
Property selling over $1M 55
Highest price sale $4.6M Melbourne Beach Ocean Front
Home sales under $200K 39
Cocoa Beach & Cape Canaveral
Active inventory 49
Sold condos 80
Months supply 0.61 (under 3 weeks)
Average Price $410,841 2021$366,449 12% increase
Median Price $346,000 2021$344,900 I’d say thats even
Average price per square foot $320.76SqFt
Days On Market 21.85
Condos selling under $200K 10
Best selling complex The Diplomat had 4 sales $279,500-$300,000
Active inventory ranged from $149,500 in the Plaza in Cape Canaveral to $3.2M at the Surf in downtown Cocoa Beach.
Condo Sales ranged in price from $85K for a “gut-job” 2 bedroom condo in Cape Canaveral to $1.138M for a 2nd floor river-front condo in the Villa Verde in south Cocoa Beach
Single Family Homes
Active inventory 18
Sold homes 20
Months supply 0.9 months
Average Price $927,945 2021 $992,795 6.5% decrease
Median Price $769,900 2021 $970,000 21% decrease
Average price per square foot $433.52SqFt
Days On Market 20.35 DOM
Homes selling under $500K 0 (Two months in a row)
Homes selling over $1M 5 ($1.18M-$2.8M)
Active homes on the market are between $495K-$1.850M. The price range for sold homes for April 2022 is $505K for a single-family home in Cocoa Isles to $2.8M direct ocean-front home at 8th St South Cocoa Beach.
Even though the “numbers” for Cocoa Beach homes are showing a decrease in value with the average and median sales price; it is difficult to find a property under $600K (which I think is crazy) What is helping the Cocoa Beach single-family home market is we are seeing an increase in homes coming on the market. We have had 82 homes come on the market in the 1st 4 months of 2022 versus 65 homes in 2021. We have a slight increase in home sales too (55 versus 51). Condos are just the opposite….we are still 29 behind 2021 numbers of new condo listings and 51 behind on the number of sold condos.
What to expect with our real estate market for the county. Yes, our inventory should continue to rise with the increase in interest rates. We need the inventory to continue to rise. YTD sales (number of closings) are down slightly from 2021 but are still well over what we had in 2019. Our new listings coming on the market are slightly above 2021 and are significantly behind 2019.
Why are we not seeing more listings coming on the market? If someone needed to sell before buying; they were hesitant to put their home on the market for fear of their home selling before they can find a replacement property & end up being homeless. Another factor we are starting to see is homeowners who either purchased in the last 5 years and/or refinanced in the last 5 years are locked into an exceptionally low-interest rate compared to the 5.25%+ rates that are available now. Yes, they can capitalize on the higher prices when selling; but they are also buying at a higher price AND at a higher interest rate. Unless someone has to move due to a job or a major life event: marriage, divorce, death, or family change (new baby or empty nester); what is their incentive to do so?
I know our real estate market has been very intense the last 2 years and we should see things start to migrate from this hyper-fast seller’s market back towards the seller’s market we had between 2012-2019. If you have plans of moving in 2022, I would love to hear from you so we can talk about your upcoming move and put a strategy in place to help you sell your property and purchase the next one. You can call/text Eric Larkin with Real Brokers at 321.795.1854 or comment 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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