We are seeing some records being set in 2024.
Inventory is the highest we have since 2011
New inventory is the highest I have ever seen (25% more property coming on the market than last year)
It is taking longer to sell a property this year. Days On Market are up 35%
Our months supply of property is up 68% over last year
After hearing this…What are your predictions for our real estate market in 2024??
Brevard County
Active inventory 4,276
Sold Property 1,338
Months Supply 3.19 months
Average Price $464,430 2023 $421,882
Median Price $369,990 2023 $350,000
List/Sale ratio 94%
Average price per SqFt $ 247.87 SqFt
Days On Market 56.81 DOM
Property selling in less than 7 days 335 (25% of the sales)
Property selling over $1M 71
Highest price sale $4.9M
Home sales under $200K 42
Cocoa Beach & Cape Canaveral
Condos
| A: Price range $78.9K to $1.949M | S: Price Range $185K to $1.297M |
Active inventory 269
Sold condos 53
Months supply 5.07 Months
Average Price $451,424 2023 $390,278
Median Price $390,000 2023 $385,000
Average price per square foot $334.38 SqFt
Days On Market 51.21 DOM
Condos selling under $200K 2
Best selling complex Villages of Seaport 6 sales
Single Family Homes
| A: Price range $475K to $4.75M | S: Price Range $558K to $4.9M |
Active inventory 38
Sold homes 14
Months supply 2.71 Months
Average Price $1.344M 2023 $1.054M
Median Price $850,000 2023 $810,000
Average price per square foot $505.12 SqFt
Days On Market 62.36 DOM
Homes selling under $500K 0 (4 under $600K)
Homes selling over $1M 5
You definitely need to dig deep into the numbers to see what is happening in our real estate market. Yes, our inventory is higher than we have seen since our recovery from the Great Real Estate Recession. We ended April with 4276 properties for sale. There were a few times in April when we broke 4400 properties…Today as I make this video, we are back over 4400. Will we climb back to over 5000 properties on the market like we had in 2011??? Keeping an eye on our active inventory is important.
Why is our inventory climbing like it is now? We have more properties coming on the market than I have ever seen. We are averaging just over 2000 new listings a month in 2024. The last 4 years we have seen less than 1700 per month coming on the market. We are finally getting a lot of sellers wanting to sell their properties. This is a good thing.
It is taking longer to sell a property today than in the last 4 years. When you have Inventory that is rising. You have more homes coming on the market than what is selling every month…of course it will take longer to sell a home. I really started tracking days on market in 2022. We averaged 23 days to sell a property. The market shafted in 2023 and the average went up to 40 days to sell a property. We are looking, on average in 2024, 58 days on market to sell a property. If the active inventory continues to rise and sales remain about the same…I wouldn’t be surprised if the days on market continue to rise too. Something to keep in mind…25% of the sales in April sold in 7 days or less. Price and condition are still important if you are planning to sell a property.
We are seeing more price changes today than we have seen in the last few years. Year to date (4 months) we have had 7100 price changes in our MLS compared to 7145 price changes for all of 2021. If you have a property for sale and you aren’t getting offers or you haven’t had many showings in the first 10 to 14 days…you need to lower your price. Price matters in 2024
Let’s look at our sales volume…the number of closings that are happening…It’s not great if we compare things to 2020, 2021, & 2022…but it’s not terrible either… Let’s look at 2017, 2018, & 2019…January & February are under 1000 closings per month…March and April around 1300…We aren’t too far off from these numbers today. The numbers show we are still in a seller’s market. I believe the next 4 or 5 months of sales are going to continue being steady and in line with what we were experiencing in 2017, 2018, & 2019 in spite of the interest rates being high.
Quick recap…inventory is up and is rising. We are seeing a record number of properties coming on the market. We are seeing it take longer to sell a property. We are seeing a lot of price changes. Sales are kind of ok (but not red hot) This must mean prices are dropping, right? This actually baffles me when I look at the average prices and median prices for Brevard County. You would think prices should be dropping. Looking at our average sales price year over year the last 4 years have actually gone up every month. Median prices are almost the same. There were a few months where we saw a slight decline…overall, the median prices are also up year over year. It doesn’t make sense. Since we haven’t seen a major drop in prices with the extra inventory and 2 years of interest rates over 6%…I don’t know if we are going to see one. What do you think?
Where I see the chance for a major price correction is in a very specific market…and that is with condos. Here is what is happening in the condo market in Cocoa Beach & Cape Canaveral.
The condo inventory, just like the overall housing market inventory for Brevard County is up. Since I didn’t track the condo market prior to 2017; I only have so much information to look back at. The highest active inventory I have was March 2019 when we were at 266 condos on the market. We ended April 2024 with 269 active condo listings.
Another trend we are seeing with the condos that is mirroring the county stats is the number of new condos coming to the market is up. In past years we would see 70 condos per month come on the market. We are averaging 94 new listings in 2024.
Even though condo sales make up most of the activity in Cocoa Beach & Cape Canaveral, we have yet to sell over 100 condo units in one month. In 2021, we had our most sales in a year with an average of 61 condo sales per month. Prior to that, we averaged around 50 per month. 2023 we averaged 41 sales per month. So far in 2024, we are averaging 44 condo sales per month. The biggest factor affecting condo sales is the rise in association fees and the threat of special assessments. The special assessments that I am seeing are to cover the gap in the budget for rising insurance, for concrete restoration or repair work to the condominium, and for bringing the reserves up to being 100% funded which has to be completed by December 2025.
I do anticipate that the condo market will remain flat this year and most of 2025 until the association fees either level off or start coming down. Once the condos have a completely funded reserve, that will also have a positive impact on the condo market.
We are seeing regular price changes with the active listings. As condos announce either an increase in the monthly condo fees or an upcoming special assessment, there’s usually a flow of new condos coming on the market for that complex. Would you consider buying a condo with everything that is happening in the condo market?
Prices of condos right now are kind of all over the place. Average prices definitely came down some in 2023. 3 of the 4 months in 2024 are up over last year’s averages. Average prices are definitely up from 2021. It really depends on the condo, the condition, and how crazy the monthly association fees are, and if there are any pending special assessments. Condos like Stonewood, Royale Towers, Xanadu, and Beach Winds are more than likely to trend up in price versus some other condos. I say this because they have done concrete work in the last 5 years and have done (or are doing) an updated milestone inspection to confirm the condo is a safe and secure building.
I hope this information answers the question “How’s The Market?” If it did not OR if it created other questions, I am here to help! Simply drop a comment below or use this link to schedule a call.
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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