Housing Market Update July 2022 Brevard County and Cocoa Beach Florida How’s the market??? The short version…Inventory is rising. Sales are slowing. More price changes than sales in July…The median home prices are still up over last year!! What does all this mean? The market is always changing and we are certainly seeing a shift from the red-hot market of 2021. First up is an overview of the market stats for Brevard County & Cocoa Beach.
Brevard County July 2022
Active inventory 2196
Sold property 1146
Months Supply 1.91 Months
Average Price $416,473 2021 $362,103
Median Price $350,000 2021 $300,000
List/Sale ratio 94%
Average price per SqFt $233
Days On Market 16
Property selling in less than 7 days 608 ( 53 % of the sales)
Property selling over $1M 29 properties
Highest price sale $4.110M Melbourne Beach home
Home sales under $200K- 46 homes
|A: Price range $140K to $2.499M||S: Price Range $100K to $1.995M|
Active inventory 100
Sold condos 38
Months supply 2.63 Months
Average Price $431,891 2021 $350,771
Median Price $ 360,000 2021 $295,000
Average price per square foot $330.94SqFt
Days On Market 26
Condos selling under $200K 7 condos
Best selling complex Canaveral Sands ($613K, $504K, $489K) Villages of Seaport ($250K, $199K, $181K) and The Plaza ($225K, $125K, $100K)
Single Family Homes Cocoa Beach & Cape Canaveral
|A: Price range $499K to $2.2M||S: Price Range $535K to $1.245M|
Active inventory 40
Sold homes 9
Months supply 4.44 Months
Average Price $818,222 2021 $641,198
Median Price $795,000 2021 $620,000
Average price per square foot $381 SqFt
Days On Market 11
Homes selling under $500K -None
Homes selling over $1M-2 $1M and $1.245M
What is happening with the real estate market?
Yes, our inventory is up and it is continuing to rise. One of the reasons this is happening, besides the higher interest rate; is that we are seeing more properties coming on the market today versus any other time I have been tracking our real estate numbers.
Yes, we are seeing more price changes. When we start having a slight slow down in sales along with more property to choose from, prices will need to be adjusted in order for a home to be sold. You can either price your property at or below recent sales (which I recommend) OR you can try high, not receive any offers, and then start playing catch-up through multiple price changes. Chasing the market down is not the best strategy when trying to sell your home.
In spite of the increase in the inventory, the higher interest rates, and slower sales; our prices are still trending up. Will this change during the second half of 2022? It’s hard to say. I think the initial drop in the median and average price in Brevard County was the buyers getting sticker shock with the higher interest rates. The demand for housing in our area will remain high as long as the Space Program remains strong and the aerospace & government contract jobs with L3Harris, Lockheed Martin, and Northrop Grumman keep bringing in people to our area.
What about the Cocoa Beach and Cape Canaveral housing market? I have been pretty consistent in saying the market is adjusting back to the market pre-Covid, which was still considered a seller’s market with under 4 months’ supply of property for sale. The condo and single-family home inventory in the Cocoa Beach area are trending up higher than this 4 month’s supply…am I concerned? Not really…because our inventory levels beach-side is usually higher than what we see in other parts of Brevard County.
So, is now the right time for you to consider either buying or selling a home? My answer is always the same…it depends…what is going on with your life? What is the reasoning behind the possible move? These are questions that are best done either face to face or on the phone. We can schedule either here https://calendly.com/eric_larkin OR if you prefer, simply enter your info and question 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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