Housing Market Update June 2022 Brevard County and Cocoa Beach Florida

June 2022 Housing Market Update

How’s the market??? Well…Inventory went from slowly creeping up to jumping! We haven’t had this much inventory on the market since December 2020. Before you start mentioning bubbles & crashes…I want to let you know sales are only 9% behind 2021 sales YTD.

Graph showing sales since 2018 in Brevard County. — Sales are slightly behind 2021

Here are the rest of the stats from June 2022:

Active inventory 1750

Sold property 1430

Months Supply 1.22 months

Average Price $426,671 2021 $356,923

Median Price $350,200 2021 $ 292,500

List/Sale ratio 98%

Average price per SqFt $326 SqFt

Days On Market 17 DOM

Property selling in less than 7 days 834 (58 % of the sales)

Property selling over $1M 46

Highest price sale $4.6M in South Merritt Island

Home sales under $200K 44

Map view of the home sales under $200K for the month of June 2022. — You can still find a home under $200K

Condos

A: Price range $139K to $2.499M

S: Price Range $128K to $1.217M

Map view of 83 condos for sale in Cocoa Beach and Cape Canaveral ranging from $139K to $2.499M — 83 condos for sale in Cocoa Beach and Cape Canaveral ranging from $139K to $2.499M

Active inventory 83

Sold condos 52

Months supply 1.62 months

Average Price $482,036 2021 $384,441

Median Price $380,000 2021 $348,000

Average price per square foot $469 SqFt

Days On Market 27 DOM

Condos selling under $200K 5

Best selling complex The Villages of Seaport 4 sales $275K, $300K, $320K, & $340K

Photo of sandpipers on the beach with text overlay showing the median condo price is up 9% over last year. — Median price is up 9% over last June

Single Family Homes

A: Price range $472K to $2.2M

S: Price Range $370K to $1.75M

Map view of the home sales in Cocoa Beach and Cape Canaveral. 7 sales between $370K+$1.750M — 7 homes sales in Ccooa Beach and Cape Canaveral June 2022

Active inventory 35

Sold homes 7

Months supply 4.85 Months

Average Price $1,033,985 2021 $689,169

Median Price $660,000 2021 $605,000

Average price per square foot $469 SqFt

Days On Market 68 DOM

Homes selling under $500K 1

Homes selling over $1M 3: $1.473M, $1.635M, and $1.750M

What do I see happening with our real estate market? I see our inventory continue to grow and return to levels similar to 2017, 2018, and 2019 and our sales will also be similar. 3000-4000 properties available with 1100-1300 sales per month. This is a 3 month supply for the county (which is still considered a sellers market) If the interest rate stays around 5%, the buyers will get used to this number and sales will continue to be in line with our sales history.

Freddie Mac graph showing the average interest rates for the last 3 years. — Freddie Mac average rate through July 7th 2022

Buyer’s can breath a little when house hunting and will be able to negotiate a more so than the last 24 months. The right property will also still see multiple offers. Buyers will still need a strategy on the purchase and I am happy to speak with you to go over that strategy.

Sellers will need to put some prep into getting their home ready to sell. They will have to take care of the deferred maintenance, clean up the landscaping, paint the interior & exterior, and do a deep clean prior to listing the property. Sellers will also have to list the home at or below where the comparable sales are at to ensure showings happen the first few days on the market. Sellers will also see it will take a little more time for their home to sell. The good news is, home values should still be going up and I would be happy to talk to you about what your home could sell for in this next phase of our housing market.

Graph showing new property coming on the market. There have been More property came on the market in June than any other month the last 5 years. — More property came on the market in June than any other month the last 5 years.

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

In case you were not aware, my name is Eric Larkin and I am a real estate agent with Real Brokers. I post regularly on this blog CocoaBeachInsider.com about living, working, playing & real estate updates for the Cocoa Beach area and the Space Coast. If you happen to be moving either into our area, somewhere around the Space Coast, or you are relocating out of the area; I am certain you have questions about the move. I hear from people just like you with questions I love to answer & I would love to answer any questions you have, send me your questions by filling out the box 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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