February 2023 Housing Market Update Brevard County

How’s the market?? For all of Brevard County, our Inventory is down 5% and our sales are up 28% from January 2023. Average and Median prices are up over 2022 for the county. The Cocoa Beach/Cape Canaveral market for both condos and single family homes are struggling compared to past numbers. Condo prices have dropped a little. Single family home prices in Cocoa Beach have dropped a lot. More on this after the stats for February 2023.

Brevard County

Active inventory 2545

Sold property 1031

Months Supply 2.47 months

Average Price $394,322 2022 $384,793 2.5% Increase

Median Price $339,900 2022 $319,900 6.2% Increase

List/Sale ratio 92%

Average price per SqFt $224.66 SqFt

Days On Market 46.61 DOM

Property selling in less than 7 days 306 ( 29% of the sales)

Property selling over $1M 30

Highest price sale $3M Melbourne Beach Home

Home sales under $200K 29 homes

Cocoa Beach & Cape Canaveral

Condos

A: Price range $94.5K to $1.660M

S: Price Range $ 85K to $1.2M

mapview showing the sold condos in the cocoa beach and cape canaveral area

map view showing the active condos in Cocoa Beach and Cape Canaveral

Active inventory 122

Sold condos 37

Months supply 3.29 Months

Average Price $412,021 2022 $421,051 3.2% Decrease

Median Price $350,000 2022 $375,000 6.8% Decrease

Average price per square foot $296.28

Days On Market 49 DOM

Condos selling under $200K 6

Best selling complex The Villages of Seaport 3 sales $331K, $335K, & $575K

Single Family Homes

A: Price range $ 439K to $3.6M

S: Price Range $362.6 to $1.010M

map view showing the sold homes in Cocoa Beach and Cape Canaveral

map view showing the active homes in Cocoa Beach and Cape Canaveral

Active inventory 30

Sold homes 7

Months supply 4.28 Months

Average Price $561,228 2022 $927,250 39.5% Decrease

Median Price $475,000 2022 $665,000 28.6% Decrease

Average price per square foot $374.39

Days On Market 89 DOM

Homes selling under $500K 4

Homes selling over $1M 1

Let’s look at the Brevard County numbers. I am a little surprised to see the active inventory dropping considering we are seeing 1500 new properties come on the market. The number of closings we are having is in line with pre-pandemic numbers and are an indicator that we are heading back to the market we had from 2016 to 2019. We are still seeing quite a few properties sell in 7 days or less. Multiple offers are still happening. List to sell ratios are dropping which is a good sign that buyers are able to negotiate on the price and should be something a seller pays attention to…the list price of your home is important…days of testing the market with a higher price are no longer here.

Chart showing the active condo inventory from 2018 to February 2023 in Cocoa Beach and Cape Canaveral

Chart showing the condos sold in Cocoa Beach and Cape Canaveral from 2015 to 2022

The Cocoa Beach & Cape Canaveral market is going through a little more drastic change compared to the overall market in Brevard County. Average & median prices for condominiums are down from last year. The condo inventory is growing. We haven’t been over 130 condos on the market since September 2020. Looking back to the 2016, 2017 & 2018 markets; that was actually more of a buyers market for condos than what we are seeing today. Even though we sold more condos on average during those years, we also carried a lot more inventory (200+) compared to the 130 condos on the market today.

Single family homes in Cocoa Beach and Cape Canaveral are slowing down. Part of this slowdown is due to the inventory available. We have been at 40 homes or less since May 2020. 7 to 10 of these active homes are new construction that is still not available to live in (they are custom homes that take 18-24 months to build) The other factor for the slowdown on single family homes in the Cocoa Beach area is the price. We had 138 homes sell in 2022 ranging from $370K to $3.25M with a median price of $750K. Compare this to the 151 homes sold in 2019 ranging from $192K to $1.995M with a median price of $409K. Homes have gotten very expensive in Cocoa Beach and we might be seeing the tipping point.

Is a total housing market crash still coming?? Maybe…I believe any major adjustment in our housing market happened in 2022 with the increase of interest rates. They went over 5% in April 2022. Then they went over 6% in September 2022. This range of rates will probably be our new normal for a while and it appears that buyers are accepting this and starting to buy houses again. If the rates spike to over 7% or test the 8% levels, we will see another slowdown in buyer patterns. If they drop to under 6% we will see a spike in new buyer activity. Time will tell how things play out. Questions about the current housing market or an upcoming move? Eric Larkin with Real Broker, LLC can help. Simply complete the form 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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