October 2022 Housing Market Update Cocoa Beach Florida

HOW’S THE MARKET??? Interesting…The higher interest rates are doing what they were intended to do…things are slowing down…Yet, we are still seeing multiple offers, over-asking sales, and properties selling in the first couple of days hitting the market…We are also seeing inventory rising across the county and more price changes than properties selling for the 4th month in a row. Sales have slowed and appear to be in line with the sales we were seeing in 2018 & 2019. Yet, we have not seen sales dip below 1000 properties per month. Here is a breakdown of our numbers for October 2022.

spreadsheet to track the numbers in Brevard County. Sold property is dropping BUT not a huge rate.

Brevard County

Active inventory 2719

Sold Property 1108

Months Supply 2.45  months

Average Price $393,152    2021 $360,621

Median Price   $352,500   2021 $314,900

List/Sale ratio 94%

Average price per SqFt $223.68 SqFt

Days On Market 35.92 DOM

Property selling in less than 7 days 358   (32 % of the sales)

Property selling over $1M 20

Highest price sale $3.395M

Home sales under $200K 45

Sunrise photo from Cocoa Beach with text overlay showing the median sales price for Brevard County is still up over last year.

Cocoa Beach & Cape Canaveral

Condos

A: Price range $139K to $2.2MS: Price Range $150K to $1.1M
Map view of the active condos for sale in Cocoa Beach and Cape Canaveral ranging in price from $139K to $2.2M

Active inventory 114

Sold condos 35

Months supply  Months 3.26 months

Average Price $441,867         2021 $332,441 

Median Price $340,000          2021 $299,900

Average price per square foot $319.00

Days On Market  41.71 DOM

Condos selling under $200K 3

Best selling complex  The Villages of Seaport had 4 sales $310K, $339K, $340K, and $355K

2100 had 3 sale $450K, $430K, $430K. Costa Del Sol had 3 sales $250K, $280K and $330K

Single Family Homes

A: Price range $ 499K to $2.55MS: Price Range $680K, $750K & $1.575M
Sunrise photo from Cocoa Beach Florida with text overlay showing the increase of the average sales price on a home from October 2021 to October 2022

Active inventory 38

Sold homes 3

Months supply  12.67 Months (we broke 1 year!!!)

Average Price $1,001,667         2021 $703,071 

Median Price $750K          2021 $450,000 

Average price per square foot $469.11

Days On Market 80 DOM

Homes selling under $500K None

Homes selling over $1M 1

Spreadsheet showing the average and median prices in Brevard County comparing 2021 to 2022. August could be the tipping point for prices starting to come down.

Our real estate market is in an interesting position. The average & median sales price for the county are still trending up over last years prices. However, the average price seemed to peek in August for the county and has been trending down the last 2 months. The number of price changes happening the last 4 months (really all year) is another sign that things are changing in our market. The obvious factor that is making this happen is the higher interest rates. 6%-7% rates are having buyer’s think about their purchase and does make an impact on the amount of home they can afford. The other factor buyers are having to contend with is the cost of home owners insurance. Policies have risen 40% over last year and this probably will not be changing after Ian hit Florida. If the home they are looking at buying has a roof that is over 15 years old, there aren’t many affordable options available. Seller’s are going to have to consider replacing their roofs in order for the home to sell.

Do you have questions about the current market or an upcoming move? Let me know how I can help.


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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