Cocoa Beach Insider

graph showing the condo sales in the Cocoa Beach & Cape Canaveral area from January 2018 to January 2024 More on that later in the post.

Brevard County

Active inventory 3949

Sold Property 761

Months Supply 5.19  months

Average Price $460,479    2022 $401,116

Median Price   $395,000   2022 $345,000

List/Sale ratio 93%

Average price per SqFt $233.88  SqFt

Days On Market 56.50

Property selling in less than 7 days  177 ( 23% of the sales)

Property selling over $1M 27

Highest price sale $4.250M Indialantic

Home sales under $200K 22

Cocoa Beach & Cape Canaveral

Condos

A: Price range $125K to $2.250M

S: Price Range $135.5K to $1M

Active inventory 227

Sold condos 27

Months supply  Months 8.4 Months

Average Price $347,257         2022 $328,444 

Median Price $305,000          2022 $321,000

Average price per square foot $321.57 SqFt

Days On Market  69.42 DOM

Condos selling under $200K 3

Best selling complex  The Villages of Seaport ($305K, $320K, & $325K)

Single Family Homes

A: Price range $425K to $5.250M

S: Price Range $600K to $1.285M

Active inventory 39

Sold homes 6

Months supply  6.5 Months

Average Price $ 929,600        2022 $629,000 

Median Price $925,000          2022 $600,000 

Average price per square foot $487.53

Days On Market 88.5 DOM

Homes selling under $500K 0

Homes selling over $1M 2

If you have been keeping up with these housing market updates, I have been eluding to the active inventory creeping up to over 4,000 properties (which we are just shy of at 3949 at the end of January. Sales, which have been stalling during the 4th quarter..have continued in January. This is the slowest January since January 2019 and the least amount of sales I have seen since I started tracking the stats regularly with 761 sales for January. You do the math…active inventory is divided by the sales & this tips our supply to 5.19 months of inventory…this is the highest inventory we have had since January 2019…time will tell if this is the new normal…Whats do you think is happening in our housing market? 

Another thing to note with the 761 sales in January. This is the 4th straight month of sales under 1000 closings. I am anticipating February to also be under 1000 sales…This is a normal sales cycle with the 1st 2 months of the year being slower than the other 10 months. Its what happens in March, April, & May that will give us an insight into what kind of year we will have in real estate in 2024.  History shows these 3 months to have 1300 sales per month. If we break 1200 in March, I would say that be a good sign. Time will tell if this will be a breakout year or if it will be flat like 2023.

It is taking longer for a property to sell. Days on market are up 34% over last January. It took over 56 days on average for a property to sell. Just know there is still 23% of our sales happening in 7 days or less…Price and condition still matter!

Average sales price continues to rise. The average sales price for January is $460,479 up 14% from $401,116.

Median sales price continues to rise too. The median price for January is $395,000 up 14% from $345,000.

There are still a lot of properties selling over $1M with the highest sales price at $4.25M in Indialantic.

You can also find homes priced under $200K. There were 22 homes sold under $200K in January.

That is your overview of what is happening in Brevard County, here is what is happening in the Cocoa Beach area. 

Single family home in the Cocoa Beach area…it’s challenging to see patterns because there are only a handful of homes selling every month. January had 6 homes sell between $600K and $1.285M. The active inventory is at 39 homes. This gives us a 6.5 month supply. Yes, inventory is up some…We need to see more homes come on the market in 2024. If you do own a home in Cocoa Beach & you have been thinking about selling, we should talk.

The condo market in the Cocoa Beach area is something I am paying attention to. I think the condo market is in a tough spot right now. The condo inventory is high, with 227 active condos. The condo sales are slow, with 27 selling in January. This is an 8.4 month supply for buyers to choose from. Sale prices ranged from $135.5K to $1M. The average sales price is $347,257…which, surprisingly is up over last January’s average of $328,444. The median price is down….$305,000 compared to $321,000 in January 2023. Days on market is up to 69 days…which is much higher than what we have been used to seeing 2020-2023…its lower than what we saw in 2019, where we averaged 73 DOM for the year.

I do not see the condo market improving much this year. I believe the inventory will keep rising and the sales will be flat. The monthly condo fees continue to rise because of insurance costs. There is a lot of uncertainty with the new laws going into effect by the end of 2024 requiring condos that are over 3 stories tall and over 25 years old to have the milestone inspections completed. All condos will have to have a fully funded reserve by the end of 2025. If you are considering a condo purchase in 2024, we should talk strategies.

What are your thoughts on our housing market in 2024? Are you still waiting for prices to drop or interest rates to lower? Do you have any questions about an upcoming move that I can help you with? Remember, I love answering real estate questions and I am here to help. Give me a call or text at 321.795.1854 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.

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 

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