Do you still think our market is going to crash? Remember, for this to happen, we need an increase in our inventory, sales to drop, and we will see a huge increase in our distressed property sales. This is what the numbers are telling us for the month of May 2023
Brevard County
Active inventory 2376
Sold Property 1371
Months Supply 1.73 months
Average Price $427,783 2022 $426,807 0.22% increase
Median Price $352,000 2022 $355,000 0.85% decrease
List/Sale ratio 95%
Average price per SqFt $238.99 SqFt
Days On Market 39.38 DOM
Property selling in less than 7 days 495 (36 % of the sales)
Property selling over $1M 43
Highest price sale $4.3M Melbourne Beach Home
Home sales under $200K 32
Cocoa Beach & Cape Canaveral
Condos
| A: Price range $114,999 to $1.850M | S: Price Range $ 105K to $1M |
Active inventory 149
Sold condos 48
Months supply Months 3.10 months
Average Price $418,901 2022 $408,129 2.6% Increase
Median Price $385,000 2022 $375,000 2.6% Increase
Average price per square foot $335.29 SqFt
Days On Market 39.04 DOM
Condos selling under $200K 6
Best-selling complex Windrush condos 3 sales ($340K, $340K, $370K)
Single Family Homes
| A: Price range $ 429K to $2.775M | S: Price Range $ 445K to $1.2M |
Active inventory 29
Sold homes 9
Months supply 3.22 Months
Average Price $719,111 2022 $826,464 13% Decrease
Median Price $670,000 2022 $657,000 1.98 Increase
Average price per square foot $413.65 SqFt
Days On Market 35 DOM
Homes selling under $500K 1
Homes selling over $1M 1
How’s the market?? I say surprisingly active. Our sales are actually up over last May’s numbers. I am also saying we are 100% in a seller’s market. If you remember a seller’s market is anything under a 4-month supply of property available. We did hover above 2 months for a little bit (September 2022 to February 2023) and we are well above May 2022 supply…1.73 month’s supply is a very active seller’s market.
Prices have started leveling off. Which we needed to see. Median & average prices for the county are really close to last year’s numbers month over month.
Days on the market have also leveled off. We are averaging around 40 days on the market for a property to sell. 35% of the properties sold in 7 days or less for May 2023. This show’s there are still high-demand areas and if the home is priced correctly, it will also sell quickly. Even though multiple offers aren’t happening with every property, they are still happening often enough that you should expect to be competing against another offer once you find the right property.
The next few months are the “busy season”. We should be seeing more property coming on the market and we will also be seeing a lot of sales too. The two * we need to keep an eye on are the interest rates. If they go over 7%, it will slow things down again…If they drop below 6%, it will only ignite our summer season. The 2nd * is hurricane season. The tropics are heating up and any major storm hitting Florida (especially the east coast) will slow things down too.
Questions about this information or an upcoming move? Simply leave your comment or question below and I will be happy to help!
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.
Planning a move or have questions about our area? Eric Larkin with Real Broker, LLC can help! Schedule a call here https://www.ericlarkin.com/schedule-a-call
OR leave your info here and I will call you https://www.ericlarkin.com/contact-form
Cocoa Beach Insider 