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AUGUST 2019 VS 2020
UNEMPLOYMENT
USA UNEMPLOYMENT RATE
Adam's Insight: ROAD TO RECOVERY
The United States unemployment rate has dropped since July. This will be good for the economy nationwide. However, 8.4% is still very high and this will put stress on the home sales market.
FLORIDA UNEMPLOYMENT RATE
Adam's Insight: Florida is ahead of the Nation!
The Florida unemployment rates are consistently healthier than the states. This is due to a diverse economy. In order for Florida's economy to be in the healthy zone, we will look for an unemployment rate of 4% or less.
HOMES SOLD
HOMES SOLD IN BREVARD COUNTY
July 2019 1,315
July 2020 1,530
August 2019 1,248
August 2020 1,299
Adam's Insight: Seller Market, Evaluate Investments
2020 has been a very interesting year that will go down in the history books. Construction has slowed, but the market is ready for more homes to be listed. In August of 2020, 51 more homes sold than in August of 2019. However, there are over 1,000 fewer homes available to purchase. This reduces buyer selection and creates a sellers market. If you are planning on selling a home in the next year, now is the time to start!
HOMES SOLD IN COCOA, FLORIDA
July 2019 108
July 2020 123
August 2019 113
August 2020 104
Adam's Insight: Cocoa Equals Stability
The City of Cocoa has only sold 9 homes less in August 2020 than August 2019, however when July and August sales are combined 6 more homes were sold in 2020 than in 2019. Cocoa is a great community for investments or home purchases due to the stable local economy built on medical, manufacturing and supporting the tourism industry. Since Cocoa doesn't rely on a single industry, so Cocoa will always be a safe city for property investments.
CURRENT SINGLE DETACHED HOMES FOR SALE
HOMES FOR SALE IN BREVARD COUNTY
July 2019 3,570
July 2020 2,630
August 2019 3,439
August 2020 2,437
Adam's Insight: Time to Sell for Profit
While the number of homes sold is relatively the same or slightly higher than previous years, the homes available for sale are down almost 30%. Brevard County investment property owners looking to sell for a profit should start evaluating. Maxfield Home Solutions will create a CMA (comparative market analysis) for your home or investment property, submit requests through our contact page or call (321) 423-8283.
HOMES FOR SALE IN COCOA, FLORIDA
July 2019 232
July 2020 190
August 2019 241
August 2020 180
Adam's Insight: Investment Properties are Ready to Sell
The City of Cocoa is seeing the same market as the County. It is time to sell if you are planning to sell your property in the next year. 104 Properties sold in August of 2020, and now in September buyers 180 properties to choose from. Yes, properties will add to the market and the sellers that choose to sell in September will receive higher prices than they would have received in 2018 and 2021.
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 at the current rate of sales in August of 2008, there were 23 months of home inventory on market. In August of 2020, the absorption rate of 2.18 (sellers market) means that there are very few options for buyers and only two months of inventory available.
ABSORPTION RATE IN BREVARD COUNTY
July 2019 3.19
July 2020 2.4
August 2019 3.06
August 2020 2.18
Adam's Insight: Lowest Rate Seen in Recent History
The current absorption rate is lower than 2005. The question today is not, IF you home will sell, but for HOW MUCH. If you want to sell your home now is the time to choose an agent that will negotiate to get you the highest price.
ABSORPTION RATE IN COCOA, FLORIDA
July 2019 2.56
July 2020 1.99
August 2019 2.64
August 2020 1.86
Adam's Insight: Cocoa has the Lowest Absorption Rate in Brevard
The rate of 1.86 is 15% lower than the Brevard County average. Neighborhoods with track homes in Melbourne and Palm Bay are sitting on the market longer than custom homes or investment properties.
AVERAGE SALES PRICE
AVERAGE HOME SALES PRICE IN BREVARD COUNTY
July 2019 $265,805
July 2020 $301,408
August 2019 $266,133
August 2020 $298,175
AVERAGE HOME SALES PRICE IN COCOA, FLORIDA
July 2019 $189,099
July 2020 $221,375
August 2019 $208,023
August 2020 $228,879
DAYS ON MARKET
MEDIAN DAYS ON MARKET IN BREVARD COUNTY
July 2019 28
July 2020 27
August 2019 26
August 2020 17
MEDIAN DAYS ON MARKET IN COCOA, FLORIDA
July 2019 17
July 2020 15
August 2019 18
August 2020 12
Adam's Insight: Well maintained homes are selling 24 hours!
The average home is on the market for 40 days in Cocoa, but the median is 12. The reason is that properties that are overpriced or undesirable are not selling, but everything else is fast. The moral of the story is price correctly and it will sell. Obligation free property pricing is available, inquire through our contact page.
MOST EXPENSIVE LISTING IN BREVARD COUNTY - AUGUST
Listing Price: $5,325,000
Living SqFt: 14,755
Year Built: 1942
Bedrooms: 11
Full Baths: 12
Reference:
Written by:
Adam Maxfield
Realtor
Keller Williams Space Coast Realty
(321) 423-8283
Adam@MaxfieldHomeSolutions.com
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