May sales are in the books, and our spring market trends are emerging! This one surprised me. Active short sale & foreclosure listings (distressed properties) are up 20% over last month. Foreclosure sales more than doubled over the previous month, and short sales tripled. Could the doom and gloom headlines be right? I’ll dig into this in a moment
Active inventory is embracing the mid 5K level in the Space Coast MLS. Active inventory is up 5% since January and is 20% higher than this time last year… but actually dropped below our April numbers.
I was happy to see the May closings break the 1300 level. However, this was about 5% lower than last May, and the sales year to date are behind 2024 sales volume by 7%. Doing the math for our month’s supply of properties…Active inventory is 5442 with 1312 sales in May 2025 putting us at a 4.15 months supply of properties available for sale…which is considered a balanced market.
Other numbers from May 2025
Average sales price is $423,811, which is 7% lower than last year. Its about the same as 2022 $426,807
Median sales price is $359,900, which was down slightly from last year (1%) and really hasn’t changed much from 2022.
Average Days on Market 67.83
539 of the 1312 sales happened in 30 days or less (40% of the sales)
239 of the 1312 sales happened in 7 days or less (18% of the sales)
On average, the list to sell ratio was 93%. The average list price was $455,142 and the average sales price was $423,811, which is 93%. This doesn’t mean you can get 7% off every listing. There were quite a few that sold at list price or slightly below (418). No surprise, a lot of these sales were in the best selling zip codes (32940, 32909, 32907). There were also quite a few that sold 10% or more off the original list price (325). Also, in the better selling zip codes (32907, 32780, 32905, 32940) this is just showing that you can negotiate the price.
Sellers are also providing some type of concession to the buyer’s too. 469 of the sales had some type of concession. Ranging from $2 to $75K and averaging $8768. If you are getting a loan, you should certainly consider asking the seller to provide something towards your closing costs. You can also work on the price. On average, the sales that received a concession were also able to negotiate 4.27% off the original price.
As promised, here is what’s happening with the distressed sales. Yes, inventory is up 20% from last month. We have a total of 70 distressed properties active in our MLS, which is up from the 58 we had in April 2025. Foreclosure/bank owned sales for May were 13, up from 7 in April, and short sales in May were 3, up from the 1 we had in April. This is still a tiny percentage of our inventory and sales. We still have a long way to go to have them to have an impact on our real estate market…I will still keep an eye on them and keep you up to date with future housing market updates.
Brevard County
Active inventory 5442
Sold Property 1312
Months Supply 4.15 months
Average Price $423,811 2024 $448,710
Median Price $359,900 2024 $363,000
List/Sale ratio 93%
Average price per SqFt $246.18 SqFt
Days On Market 67.83
Property selling in less than 7 days 239 ( 18% of the sales)
Property selling over $1M 45
Highest price sale $4.055M
Home sales under $200K 48
Cocoa Beach & Cape Canaveral
Condo sales are pretty unpredictable right now. Inventory is high wth 334 active condos in the Cocoa Beach and Cape Canaveral area. There were 32 sales, 20 of which were cash transactions. There’s over a 10 month supply of condos on the market. It’s taking on average 113 days for the condos to sell in May. There were 120 price adjustments for condos in May, too. If you are considering a condo, this could be the perfect market to negotiate the terms. Even though the average sales price is holding pretty well, the median sales price at the lowest we have seen since 2021.
Condos
| A: Price range $110K-$1.590M | S: Price Range $118K-1.075M |
Active inventory 334
Sold condos 32
Months supply 10.44 Months
Average Price $394,125 2024 $394,541
Median Price $305,000 2024 $320,000
Average price per square foot $315.18
Days On Market 113.09
Condos selling under $200K 7
Best selling complex- there were no standouts. Quite a few with 2 sales. None with 3 or more.
Single Family Homes
While the rest of the county and beach communities are seeing inventory at the highest levels we have seen in 10+ years, the single family home inventory level in Cocoa Beach and Cape Canaveral is just getting back to pre-pandemic levels. It was quite common to have 65-75 homes on the market in 2018 & 2019. We were in the 70’s for March and April & pulled back to 66 to end the month of May. We had the highest sales in over a year with 14 closings, which matched April 2024’s numbers. Prices seemed to have pulled back slightly, with 4 home sales happening under $600K, with the lowest sale price of $442K. There are several canal front homes for sale in the $800s, with some waterfront home sales happening in the $700s.
| A: Price range $429.9K-$3.3M | S: Price Range $442K-$1.625M |
Active inventory 66
Sold homes 14
Months supply 4.71
Average Price $718,678 2024 $855,672
Median Price $720,000 2024 $870,000
Average price per square foot $400.33
Days On Market 59.64
Homes selling under $600K 4
Homes selling over $1M 2
Viera/Suntree Area
Single Family Homes
The single family home market in the Viera area is pretty exciting to see. Even though inventory is in the low 300s, currently at 323 homes available; there were 107 sales for the month of May. A third of the sales were new or newer construction (2023 or newer). The supply of homes in the Viera/Suntree area is at a 3 month level of inventory. There were 141 homes that went pending in May, which is the highest level we have seen in over a year. The average sales price is slightly higher than the previous year ($665,212 compared to $553,548), and the median sales price jumped significantly from $584,900 to $620,000. If you are considering a move to Viera, with 323 listings on the market, you do have a nice selection, but keep in mind, the 32940 is one of the best selling zip codes in the county.
| A: Price range $ 319K-$5.5M | S: Price Range $ 337.5K-$1.330M |
Active inventory 323
Sold homes 107
Months supply 3.02
Average Price $665,212 2024 $663,548
Median Price $620,000 2024 $584,900
Average price per square foot $267.18
Days On Market 55.59
Homes selling under $500K 32
Homes selling over $1M 12
That’s our housing market update for the month of May for the Space Coast. If you have questions about what’s going on, I am here 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.
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