Housing Market Update May 2022 Brevard County and Cocoa Beach Florida

Housing Market Update May 2022 Brevard County and Cocoa Beach Florida

How’s the market????

FINALLY…we are getting some inventory!!! 1st time since May 2018 we had over 1900 new listings enter the market in a month. Our active inventory is also creeping back up with back to back months where we were over 1000 properties for sale. Our market is changing!!! Is this the bubble about to burst? Time will tell if it’s that dramatic…

Buyers are a little more cautious. The slight rise in interest rates will have an impact on what a buyer can afford to purchase. Properties could take a little longer to sell. We are seeing more price reductions. We are seeing a lot of properties come back on the market. We are also still seeing multiple offers and property going under contract right after they hit the market. 

Freddie Mac graph showing interest rates the last 12 months

I think the market is simply tapping the brakes. It’s not like a bad accident on I-95 where traffic is shut down but more like a slight backup in traffic that occurs when the barge canal drawbridge is up on SR3 in Merritt Island. Once the bridge is back down, traffic resumes its normal pace. 2021 was an anomaly and an extreme seller’s market. 2017, 2018, & 2019 were “normal” markets and what I hope we get back to soon. Keep in mind that those years were still considered a seller’s market. 

Spreadsheet of the housing market numbers for 2019 in Brevard county.
2019 housing numbers for Brevard County. Averaged 1223 sales a month and inventory averages 3633 at any given time

Here is a breakdown of the numbers for May 2022

Brevard County

Active inventory 1178

Sold property 1357

Months Supply 0.87

Average Price $426,807    2021 $339,583  UP 25%

Median Price $355,000     2021 $272,500  UP 30%

List/Sale ratio 100.66% (Average List $423,986 Average Sale $426,807)

Average price per SqFt $240.27

Days On Market 15.57

Property selling in less than 7 days  906 (66% of the sales)

Property selling over $1M 38

Highest price sale $4.390M New construction Melbourne Beach

Home sales under $200K 41

Map view showing the home sales under $200K in Brevard County
You can still find a home under $200K

Cocoa Beach & Cape Canaveral

Condo Sales

Active inventory 61

Sold condos 49

Months supply 1.24

Average Price $408,129        2021 $338,096 UP 20%

Median Price $375,000         2021 $315,000 UP 19%

Average price per square foot $343.25 per SqFt

Days On Market 14.65

Condos selling under $200K 4

Best selling complex Twin Towers with 4 sales: $247k, $250K, $263K, and $349K

Map view of Cocoa Beach and Cape Canaveral Florida showing the best selling condo communities for May 2022.

Active inventory in Cocoa Beach and Cape Canaveral is trying to come up. We ended May with over 60 condos on the market, which is the first time this has happened since November 2021. We are also averaging over 70 new condo listings per month in 2022 (hopefully this trend will continue) Active condos range in price from $149,500 for a 1 bedroom in Cape Canaveral (The Plaza) to $2.499M new construction in S Cocoa Beach (20th St South on A1A). We still have several condos available under $200K and most of the condos on the market are priced under $500K. Even though May was a slower month for closings, we are still ahead of 2019 condos sales in the Cocoa Beach area. Our condo inventory is also ridiculously low compared to 2019. So, If you happen to own a condo that is a second home that sits empty most of the time or you have a tenant that is planning to move soon; you should really think about contacting your favorite Cocoa Beach real estate agent and see what your condo could sell for. You can call/text me at 321.795.1854 or visit my website to see what the value of your condo is right now. https://ericlarkin.chime.me/evaluation

Single Family Homes

Active inventory 24

Sold homes 17

Months supply 1.41

Average Price $826,464       2021 $733,023 UP 12%

Median Price $657,000         2021 $650,000 UP 1% 

Average price per square foot $454.54 per SqFt

Days On Market 26.53

Homes selling under $500K 1 $465K

Homes selling over $1M 3 $1.17M, $1.65M, and $2.095M

Home sales in Cocoa Beach and Cape Canaveral remain solid. We are even with the home sales in 2021 in spite of having fewer homes available to choose from. We have 24 homes on the market ranging from $535K for an updated home in Cocoa Beach to $2.2M for an oceanfront home in Cape Canaveral. Just as I mentioned about the condo market in Cocoa Beach and Cape Canaveral being low ESPECIALLY compared to 2019 or earlier numbers (we averaged 60 homes on the market) We need more homes to sell. If you are curious to see what your home could sell for in today’s market; give me a call/text at 321.795.1854 or visit the website to see what the value is https://ericlarkin.chime.me/evaluation

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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