Housing Market Update September 2022 Brevard County and Cocoa Beach Florida

How’s the market???

Rising Insurance, rising interest rates, and now a hurricane hits the Florida Housing Market

I have been saying for some time that higher insurance costs are going to have an effect on our real estate market. I have also said that when interest rates start to rise, it will have an effect on our real estate market. Now that we had a major hurricane hit the state of Florida, this will also have an effect on our real estate market. Before I go into the trends on how this trifecta is influencing our real estate market, here is a breakdown of stats for the month of September.

Brevard County

Active inventory 2375

Sold property 1127

Months Supply 2.1 months

Average Price $402,752 2021 $370,532

Median Price $350,000 2021 $300,000

List/Sale ratio 95%

Average price per SqFt $231.61 SqFt

Days On Market 17.44 Days

Property selling in less than 7 days 404 (36 % of the sales)

Property selling over $1M 30 properties

Highest price sale $3.2m

Home sales under $200K 35

Google map view of Brevard County showing the location of the under $200K home sales for September 2022 — You can still find a home under $200K in Brevard County

Cocoa Beach & Cape Canaveral

Condos

A: Price range $145K to $2.499M

S: Price Range $129K to $1.585M

Active inventory 98

Sold condos 52

Months supply1.88 Months

Average Price $436,273 2021 $304,175

Median Price $385,000 2021 $235,000

Average price per square foot $344.68 SqFt

Days On Market 24.31 Days

Condos selling under $200K 5

Best selling complex Several with 2 sales: Canaveral Towers, Harbour Isles, La Riviera, Portside Villas.

Map view of the active condos for sale in Cocoa Beach and Cape Cananveral Florida — There are condo options in Cocoa Beach & Cape Canaveral in every price point

Single Family Homes

A: Price range $450K to $2.550M

S: Price Range $415K to $2M

Active inventory 38

Sold homes 14

Months supply 2.71 Months

Average Price $940,464 2021 $950,750

Median Price $735,000 2021 $560,000

Average price per square foot $408.97SqFt

Days On Market 40.86

Homes selling under $500K 2

Homes selling over $1M 4

Ocean photo showing waves breaking with a cruise ship on the horizon. The text overlay shows the average price of a home in Cocoa Beach and Cape Canaveral is down slightly from 2021 — There was a decrease in the average sales price for a single-family home in Cocoa Beach and Cape Canaveral

We are quickly seeing our real estate market trend back to where things were at in 2019 and earlier. The active inventory is up almost 300% since March 2022. Sales are trending down since March 2022 as well. Even with these changes, our active inventory is only at a 2-month supply. New property coming on the market has been trending up at record levels and this seems to stop in September. Same with the number of properties going under contract.

Sure, this time of year (October through December) things do start trending down with activity. Time will tell how much things will slow. We can easily be back to the inventory levels of a few years back, 3000-4000 properties available; with 1000-1200 closings per month. This will put things at a 3 to 4-month supply of property, which is still considered a seller’s market. We will just have to see how the higher interest rates and higher insurance costs will have an impact on our real estate market.

When rates went above 5% earlier in the year, the activity seemed to pull back for 4 to 6 weeks before picking back up. More than likely this will be the same with the more recent rise of interest rates in the high 6% to 7% range. If there is good news with this, it is the fact that buyers are less likely to be in a multiple offer situation, will be able to have a reasonable inspection period (back to 7-10 days), and not be paying $40K+ over the listing price.

Here in Brevard County, our real estate market should remain strong due to the jobs that are coming into the area to support the Space Center (SpaceX, Blue Origin, NASA, etc) and for the jobs that are coming in around the Melbourne airport for the aerospace/government contracting jobs (L3Harris, Northrop Grumman, Lockheed Martin, Raytheon, etc)

If you do have plans of making a move and have questions, I am here to help. Simply fill 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

Social links are below if you want to send a DM or connect there

Cocoa Beach Insider

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