We have completed 4 months of sales in 2023 and we are seeing some trends emerge. Inventory has leveled off. Sales are steady & slightly behind 2022 sales YTD. Average and median sales prices are still slightly higher than last year too. Here is a breakdown of the numbers for April 2023.
Active inventory 2355
Sold property 1277
Months Supply 1.84 months
Average Price $421,882 2022 $420,898
Median Price $350,000 2022 $342,000
List/Sale ratio 93.2%
Average price per SqFt $235.61 SqFt
Days On Market 38.5
Property selling in less than 7 days 455 ( 36% of the sales)
Property selling over $1M 43
Highest price sale $3.850M
Home sales under $200K 33
Cocoa Beach & Cape Canaveral
|A: Price range $120K to $1.075M||S: Price Range $ 75K to $950K|
Active inventory 124
Sold condos 61
Months supply 2.03 Months
Average Price $390,278 2022 $410,841
Median Price $385,000 2022 $346,000
Average price per square foot $311.64 SqFt
Days On Market 53.31 DOM
Condos selling under $200K 7
Best-selling complex Harbor Isles with 4 sales
Single Family Homes
|A: Price range $ 429K to $2.775M||S: Price Range $535K to $3.170M|
Active inventory 30
Sold homes 13
Months supply 2.31 months
Average Price $1.054M 2022 $927,945
Median Price $810,000 2022 $769,900
Average price per square foot $479.12 SqFt
Days On Market 39.54 DOM
Homes selling under $500K 0
Homes selling over $1M 5
What do these numbers say to you? Here are some things to look at in the Cocoa Beach housing market (single-family homes). There are 30 active homes for sale in Cocoa Beach. 6 are new construction and are not available for immediate occupancy (probably 12 months out for that to happen). 19 of the homes are priced over $1M, this is over 63% of the homes for sale in Cocoa Beach. This certainly explains why total sales are down. Yet April was one of the better months we had for home sales since September 2022. Right now, there are 10 homes under contract in Cocoa Beach with an average list price of $765K. Yes, sales are down from the past 5 years in Cocoa Beach (which is kind of expected when the average sold price is over $800K) Yet our inventory is still very low.
Looking at the trends for all of the Space Coast, our inventory has leveled off around 2400 (+/-) This will keep us at a 2 month supply of property for sale. This is still an aggressive seller’s market. Yes, some homes are selling under the list price. They are also selling over the list price too. Homes are still selling quickly. Even though our average days on market is over 43 days in 2023, 35% of the properties sell in the first 7 days.
What does this mean? If you are looking to sell, inventory is low and the conditions are great for you to sell pretty quick and at a good price. Just know that buyers are a little more particular today versus what we saw the last 2 years. A clean, well-kept home will sell at a higher price compared to a similar property that needs work. Insurance cost will influence someone’s buying decision. If your roof and AC are over 10 years old, expect to have these items come up in negotiations. Since most of the homes selling will need a 4-point inspection for insurance, make sure the plumbing and electrical are in good shape too. Older water heaters could get flagged. Corroded shut-off valves are getting flagged. Double-tapped breakers are also getting flagged by insurance companies.
If you are looking to buy, don’t try to time the market. Interest rates are in the mid 6% range and our new reality. Talk to a lender to see what your price range will need to be. When/if rates drop in a few years, refinance to the lower rate if it makes sense. Also know that if rates do dip below 6% anytime soon, there will be a wave of buyers who are sitting on the sideline that will wipe out our low inventory & drive prices up even more.
Remember, I am a resource and I am here to help. If you have any questions about an upcoming move or the real estate market, send me a DM or drop a comment 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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