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April 2020 VS 2021
UNEMPLOYMENT
USA UNEMPLOYMENT RATE
Adam's Insight: APRIL IS A ROUGH MONTH FOR UNEMPLOYMENT AND IT ISN'T A JOKE
The United States unemployment rate is an indicator of the market and economy. In 2020, COVID-19 devastated the world economy and it didn't stop there. The USA employment went from 4.4% unemployment to 14.7% in just 30 days. Last April, the general public was fearful of the future, scared to leave their houses and petrified of the hospitals. 1 year later and all signs have been trending towards normalcy and then it happened, unemployment numbers increased. The 0.1% increase was due to hitting the bottom, and 6.1% unemployment is a real number. In a stable market, an unemployment rate 4.0% or less is considered healthy. In May, the Federal Government is going to make it more difficult to stay on unemployment when employers are searching for employees. This will drastically change our current economy and force many to start working again.
FLORIDA UNEMPLOYMENT RATE
Adam's Insight: SADLY FLORIDA FOLLOWS US TREND
As the USA unemployment rate increased, so did Florida's by 0.1%. Florida has managed to keep our unemployment rates lower than the national average, even though much of our states income is due to tourism, we are almost in the healthy range of unemployment. Our economy has been growing due to the tech businesses that are moving to the Space Coast.
HOMES SOLD
HOMES SOLD IN BREVARD COUNTY
March 2020 1,334
March 2021 1,539
April 2020 980
April 2021 1,503
Adam's Insight: We almost ran out of homes to buy!!
The home sales increased by 53.3% in Brevard County over April 2020. That is a drastic change. Home sales have decreased from March of 2021, we believe the reason is due to seller value beliefs and availability. Many sellers believe their homes are worth 20% more than consumers are willing to pay (I believe this is reasonable due to lack of supply).
HOMES SOLD IN COCOA, FLORIDA
March 2020 118
March 2021 149
April 2020 85
April 2021 115
Adam's Insight: Cocoa Sales are Off The Charts
The City of Cocoa home sales have increased over 2020, but they have not caught up to County or previous months sales. The majority of homes in The City of Cocoa are less then $250,000 in value and the most common price bracket is $250,000 to $350,000. This is the main reason why The City of Cocoa is seeing fewer sales than the County trend. The second challenge is that there isn't anything available to buy.
CURRENT HOMES FOR SALE
HOMES FOR SALE IN BREVARD COUNTY
March 2020 3,503
March 2021 1,428
April 2020 3,631
April 2021 1,252
Adam's Insight: AGAIN, Is the title, "Fewer than the month before...AGAIN" getting a little old?
Every month the number of listings is fewer than the month before. In March 1,539 homes sold, yet there were only 1,521 new listings. In April 2021, 1,503 homes sold while there were only 1,252 new listings. Every month there are more sales then listings, now the home values are skyrocketing. Maxfield Homes Solutions is selling homes at top dollar, and helping buyers find their dream homes (the later has been difficult but possible).
HOMES FOR SALE IN COCOA, FLORIDA
March 2020 224
March 2021 111
April 2020 237
April 2021 85
Adam's Insight: Fewer and fewer
The City of Cocoa had fewer homes available than the previous month and this trend will continue until a market variable changes. Current market variables that are causing the trend are: the CDC Foreclosure Moratorium, low interest rates, pandemic lifestyle changes and career relocations.
ABSORPTION RATE
The absorption rate is a measurement of how long the current inventory of properties would last at the current rate of sales. For example, in 2008 (a buyers market) the rate reach 23.45. This means that the rate of sales in August of 2008, there were 23 months of home inventory on market. In September of 2020, the absorption rate of 1.93 (sellers market) means that there are very few options for buyers and only two months of inventory available.
ABSORPTION RATE IN BREVARD COUNTY
March 2020 3.04
March 2021 1.16
April 2020 3.12
April 2021 1.0
Adam's Insight: The Absorption Rate Continues to Drop
Absorption rate is a hard metric to understand and often difficult to communicate what a 1.0 means to the real estate market. This low absorption rate means that home values are increasing and if you want to buy a home you need to be preapproved and ready to offer the best package.
ABSORPTION RATE IN COCOA, FLORIDA
March 2020 2.31
March 2021 1.05
April 2020 2.38
April 2021 0.78
Adam's Insight: The Pickings are Few and Far In-Between.
The City of Cocoa just doesn't have much for sale. Cocoa is a beautiful city, the problem here is that there hasn't been anything to buy. #Amazon is moving here soon and I hope there is available housing for the employees.
AVERAGE SALES PRICE
AVERAGE HOME SALES PRICE IN BREVARD COUNTY
March 2020 $287,095
March 2021 $315,441
April 2020 $283,652
April 2021 $347,172
Adam's Insight: Brevard County Average Sales Price Increases by 22.4%
The average home sales price is a tough metric to comprehend. Two key variables have changed the average sales price; top selling price range and an increase in value. Florida has become an escape for tyranny for many. New York, California, Washington, Illinois and Oregon have kept their states lockdown all while Florida is open and acting as COVID-19 is more a bad dream rather than a pandemic. Out of state buyers are willing and excited to pay top dollar.
AVERAGE HOME SALES PRICE IN COCOA, FLORIDA
March 2020 $228,292
March 2021 $253,687
April 2020 $208,920
April 2021 $248,682
DAYS ON MARKET
MEDIAN DAYS ON MARKET IN BREVARD COUNTY
March 2020 22
March 2021 8
April 2020 17
April 2021 6
MEDIAN DAYS ON MARKET IN COCOA, FLORIDA
March 2020 15
March 2021 10
April 2020 16
April 2021 7
Adam's Insight: Even DIY Required Homes are Earning Top Dollar!
Homes that are selling fast Obligation free property pricing is available, inquire through our contact page.
SHORT SALES / BANK OWNED / AUCTION
SOLD SHORT SALES/BANK OWNED/AUCTION IN BREVARD COUNTY
March 2020 25
March 2021 10
April 2020 16
April 2021 15
Adam's Insight: Few to Zero Required Sales!
It is hard to short sale when values are this high and foreclose when the CDC wont allow it!
MOST EXPENSIVE SOLD IN BREVARD COUNTY - APRIL 2021
1325 S Miramar Ave, Indialantic, FL 32903
Sold Price: $3,750,000
Living SqFt: 9,837
Year Built: 2013
Bedrooms: 9
Baths: 10 Full 1 Half
Acreage: 1.59
Listing Agent:
Reference:
Written by:
Adam Maxfield
Realtor
Keller Williams Space Coast Realty
(321) 423-8283
Adam@MaxfieldHomeSolutions.com
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