We are seeing numbers in our housing market that haven’t been seen since 2011. Active inventory continues to rise. We broke the 5,000 level; something we have not seen since March 2011. Another number we haven’t seen in a while is sales under 800 properties in a month. This past November was the 2nd time in 2024 it has happened and we have had 5 months under 1000 sales. Total sales year to date are trending slightly behind 2023; 4%-5% down in 2024. It looks like 2024 will be our slowest year in real estate since 2014.
As expected with inventory up and sales down, our supply is growing. We have over a 6 month supply of property for sale in Brevard County. It is also taking over 68 days on average to sell a property. Something interesting to point out…20% of November sales still happened in 7 days or less.
Another interesting trend is that the Average and median sales prices are still up over previous years.
What are your thoughts on our housing market?
Brevard County
Active inventory 5011
Sold Property 782
Months Supply 6.41 months
Average Price $442,863 2023 $431,002
Median Price $370,000 2023 $350,000
List/Sale ratio 94%
Average price per SqFt $234.99 SqFt
Days On Market 68.28 DOM
Property selling in less than 7 days 150 (20 % of the sales)
Property selling over $1M 39 properties
Highest price sale $4.225M Indialantic Oceanfront
Home sales under $200K 24
Cocoa Beach & Cape Canaveral
Condos
| A: Price range $115K-$3.750M | S: Price Range $160K – $835K |
Active inventory 267
Sold condos 21
Months supply 12.71 Months
Average Price $374,833 2023 $487,711
Median Price $355,000 2023 $400,000
Average price per square foot $305.94
Days On Market 97.95 DOM
Condos selling under $200K 3
Best selling complex The Villages Of Seaport 3 sales $280K,$305K, $315K
Single Family Homes
| A: Price range $525K -$3.795M | S: Price Range $395K – $1.276M |
Active inventory 48
Sold homes 5
Months supply 9.6 Months
Average Price $713,200 2023 $1,262,500
Median Price $630,000 2023 $990,000
Average price per square foot $464.13
Days On Market 37 DOM
Homes selling under $500K 2
Homes selling over $1M 1
Do I think our housing market is going to crash? Maybe not the entire market…the condo market is certainly in trouble. In April and March of 2024, the condo market spiked in Cocoa Beach/Cape Canaveral and I really expected to see our inventory climbed to well over 300 condos for sale. The inventory actually pulled back during the summer only to climb again in November. What has dropped are the condo sales. We had back to back months of only 21 condo sales in Cocoa Beach/Cape Canaveral…this puts us at over a 1 year supply of condos on the market.
No surprise it is taking longer to sell a condo, averaging over 97 days on market. Average sales price is down 23% from last November. Median prices are down 11% from last November. It will not surprise me if we start 2025 with rising condo inventory, continued flat sales, and prices continue to trend down in the condo market.
As we wind down 2024 and enter the new year, our overall housing market trends will continue. December, January and February will be kind of flat. Demand will be back in our spring market, it always comes back starting in March with a high demand through the summer months. Our March and April sales will tell us what kind of year 2025 will be. We are fortunate in Brevard County, also known as the Space Coast; our job market are drawing people to the Space Center at the north end of the county and to the government contract jobs/aerospace industry that has a presence in the south end of the county. Buyers are getting more comfortable with our new normal interest rates. Interest rates have been over 6% for the last few years and there is no indication that this is going to change.
Questions about the Florida housing market or an upcoming move? I am here to help. Complete the form below or give me a call. 321-795-1854
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 