🏠📈 It is unbelievable what is happening with our Housing Market in Brevard County Florida. Home prices are STILL going up, interest rates remain steady, and Buyers are still Buying!! Is a crash still coming? Will prices start to come down? I cover all this with your Housing Market Update June 2023 for Brevard County and Cocoa Beach Florida. 🏠📈
Brevard County
Active inventory 2503
Sold Property 1301
Months Supply 1.92 months
Average Price $433,798 2022 $426,671
Median Price $350,000 2022 $350,200
List/Sale ratio 95%
Average price per SqFt $240.69 SqFt
Days On Market 34.27
Property selling in less than 7 days 515 (38 % of the sales)
Property selling over $1M 38
Highest price sale $2.5M Merritt Island 2+ acre estate Banana River
Home sales under $200K 36
Cocoa Beach & Cape Canaveral
Condos
| A: Price range $134.9K to $1.850M | S: Price Range $104K to 900K |
Active inventory 152
Sold condos 55
Months supply 2.76 Months
Average Price $351,152 2022 $482,036
Median Price $334,000 2022 $380,000
Average price per square foot $328.70
Days On Market 33.82 DOM
Condos selling under $200K 11
Best selling complex Royal Mansion 4 sales $338.8K to $385K
Single Family Homes
| A: Price range $ 475K to $3.950M | S: Price Range $425K to $2.117M |
Active inventory 32
Sold homes 10
Months supply 3.2 Months
Average Price $907,900 2022 $1,033,985
Median Price $799,000 2022 $660,000
Average price per square foot $405.22
Days On Market 25.1 DOM
Homes selling under $500K 1
Homes selling over $1M 2
Here is what I am seeing with our housing market at the halfway point of 2023. The active inventory has stabilized and we have around 2500 properties for sale in the Space Coast Association MLS since the beginning of 2023. We haven’t seen stable inventory since 2018/2019, we have been pretty volatile the last few years.
The trend of new inventory coming on the market is down from last year. We are even behind 2020’s numbers for new properties coming on the market. I know that in 2020 through most of 2022, sellers were hesitant to list because of the lack of inventory. Now that inventory has stabilized, it seems the higher interest rates are keeping people in their current homes.
The total volume year to date, we have sold 7289 properties through June 2023. This is 11% behind last year when we sold 8120 in the first half of 2022 and 17% behind our sales in 2021…which is OK because 2021 was an insane market…we are actually in line with the sales for the first half of the year in 2018 & 2019.
The month’s supply of property has been around 2 months in 2023. This is certainly higher than what we had the last 2 years yet it is certainly lower than what we have seen in 2018 & 2019. We are still in a seller’s market as long as our supply is under 4 months. We have been in a seller’s market here in Brevard County since 2013.
Average and Median prices for the county are still equal to or higher than last year and significantly higher than in 2021. Until our active inventory jumps, the sales drop, and the month’s supply increases…this trend will continue.
There are a few things that could change the market. I already mentioned the interest rates are climbing again. This might be why the total sales for June were lower than last year. If the rate continues to climb and goes in the low 7% range, that will certainly slow things down. If the rate drops to the low 6% to high 5% range, that will speed things up.
Insurance has gotten expensive and challenging to get depending on the property’s condition. A good 4-point inspection is needed. As a reminder, the 4 points are AC, roof, plumbing, and electrical.
The 3rd factor that we are all aware of this time of year is hurricanes. Hope is not a good strategy, but let’s hope the tropics stay quiet in 2023.
Questions about our current market or an upcoming move? Remember, I am here to help! Simply give Eric Larkin with Real Broker, LLC a call or leave 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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