August 2022 Housing Market Update Brevard County and Cocoa Beach Florida

How’s the market? It feels like things are settling down and finding a groove with the new normal. Inventory is plaining off around 2300-2400 properties. We are staying under a 2 month supply of property for the county. We are still seeing a record number of properties coming on the market. Normal numbers are around 1600 per month on average. We are averaging almost 1800 properties coming on the market in 2022 (1794 average through August 2022). 

Here is the breakdown of the numbers in Brevard County

Active inventory 2330

Sold Property 1288

Months Supply 1.81 months

Average Price $428,178    2021 $366,893

Median Price   $365,000   2021 $310,000

List/Sale ratio 96%

Average price per SqFt $237.28SqFt  2021 $200.26SqFt

Days On Market 18.52    2021 16.57

Property selling in less than 7 days 552  ( 43 % of the sales)

Property selling over $1M 44 properties

Highest price sale $5.3M Melbourne Beach ocean front home

Home sales under $200K 40

Condos

A: Price range $145,900 to $2.499MS: Price Range $165K to $1.2M

Active inventory 103

Sold condos 49

Months supply 2.1

Average Price $481,680        2021 $337,860

Median Price $398,000         2021 $265,000

Average price per square foot $358.72SqFt

Days On Market 24.27 days

Condos selling under $200K 2

Best-selling complex Royal Towers had 5 sales in August 2022: $398K, $495K, $600K, $875K, and $1.2M

SFH

A: Price range 499K to $2.5MS: Price Range $400K to $1.625M

Active inventory 38

Sold homes 17

Months supply 2.24 months

Average Price $848,053       2021 $777,525

Median Price $769,500        2021 $665,000

Average price per square foot $442.87SqFt

Days On Market 25.35 days

Homes selling under $500K 1

Homes selling over $1M 5

My overall feeling about the market is not negative. We had a good steady market from 2015 through the beginning of 2020. The pandemic hit and changed buying patterns. The pandemic and buying patterns spooked some sellers from wanting to put their homes on the market and the supply dried up & this increased the buyer frenzy. The buyers pulled back the spring of 2022 with the increase in interest rates. The buyers are now getting used to a 5% rate (which isn’t a terrible rate) 

Freddie Mac graph showing interest rates the last 12 months

I would still like to see the housing market inventory return to a 3-4 month supply of property for sale. This will allow a buyer to have an OK selection of homes to choose from. This will allow some fair negotiations to take place. Prices will still continue to increase, but at a healthy rate (5-7% per year versus 20%+) Sellers will still get a fair price on their property that is reflective of location and condition. Sellers will have to do some basic maintenance & work on the property prior to listing it for sale. Homes will still sell in a day with multiple offers, but the normal timeframe will return to 30-45 days. 

Questions about our market? Is it the right time to buy a home or to sell a home? I am happy to answer any of your questions, just fill out the box below.


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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