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December 2020 Real Estate Metrics - City of Cocoa, Brevard County, Florida, USA

December 2019 VS 2020

 

UNEMPLOYMENT


USA UNEMPLOYMENT RATE




Adam's Insight: AGAIN, STILL ON THE ROAD TO RECOVERY

The United States unemployment rate has remained the same in December as it was in November 2020. The current unemployment rate is still double what we would like to see in a healthy market. Hopefully the market will correct and offer jobs to the hard working unemployed.


FLORIDA UNEMPLOYMENT RATE


HOMES SOLD


HOMES SOLD IN BREVARD COUNTY

The number of listings has greatly reduced each and every month.
Brevard County Chart of Listings

November 2019 1,049

November 2020 1,136

December 2019 1,173

December 2020 1,322



Adam's Insight: Brevard County is Sold Homes Increases In Uncertain Times

The home sales increased by 12.7% in Brevard County for December 2020 over December 2019. The current phenomenon is creating a market with skyrocketing prices and few homes for purchase. VA and FHA buyers are struggling to find homes, while Cash buyers are paying list price. Home prices will continue to soar as long as the inventory remains low but demand continues to climb.


HOMES SOLD IN COCOA, FLORIDA

2019 compared to 2020 Homes Sales Cocoa Florida
SOLD Listing Raw Data Cocoa Florida

November 2019 99

November 2020 94

December 2019 107

December 2020 107


Adam's Insight: Cocoa's Sales Equal to 2019

The City of Cocoa sales are the same as 2019 for December 2020, however the price distribution is completely different. In 2020, 29 homes sold between $250,000-$299,999, but in 2019 only 9 homes sold in the same range. The prices have increased in just 1 year!


CURRENT HOMES FOR SALE


HOMES FOR SALE IN BREVARD COUNTY


November 2019 3,439

November 2020 2,096

December 2019 3,363

December 2020 2,071


Adam's Insight: Few than the month before...AGAIN?

For the last few months I have written that it has gotten more and more difficult for buyers to find their dream home. This month it has gotten even harder. 213 more homes sold than were newly listed in December. If the real estate market keeps this pace there wont be a home left in 10 months. I can't think of a better #sellersmarket than today. Today, many buyers are using escalation clauses to win offers. If you want the top dollar for your home I will be glad to explain what an escalation clause is and how to use it. Submit requests through our contact page or call (321) 423-8283 for assistance finding your dream home.


HOMES FOR SALE IN COCOA, FLORIDA

November 2019 210

November 2020 183

December 2019 241

December 2020 157


Adam's Insight: Fewer and fewer

As a buyer looking to move into Cocoa, Florida the pickings have gotten slim. Today there are only 157 homes available to purchase. This means that prices are high and offers need to be quick. Real estate agents must be convincing with offers to win their buyers dream home. Today, as an agent with multiple buyers on the hunt I have found that pre-negotiations are more important than what's really in the contract.


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

The market has slightly improved but it could be a seasonal trend.
INVENTORY IMPROVEMENT

November 2019 3.09

November 2020 1.79

December 2019 2.99

December 2020 1.75


Adam's Insight: The Absorption Rate Continues to Drop

As the pandemic continues the local absorption rate continues to drop. This means that in 1.75 months if zero new properties were listed then there wouldn't be a single home for sale. A safe standard an absorption rate of 3 to 6, 1.75 is extremely low. A low absorption rate means SELLERS MARKET!! Top dollar is obtainable with correct negotiations (contracts and leveraging buyers against each other). Ask me how!



ABSORPTION RATE IN COCOA, FLORIDA

November 2019 2.27

November 2020 1.81

December 2019 2.58

December 2020 1.56


Adam's Insight: Cocoa's Absorption Improves

Cocoa has homes in all price ranges and types. Even with our property diversity, from waterfront to Port St John acres, the City of Cocoa is extremely low on inventory. This lack of inventory means that in 1.56 months if not a single new home is listed there wont be a home for sale. The smallest inventor I have every witnessed. Not only does this mean that pricing will increase but rent rates will increase too.


AVERAGE SALES PRICE


AVERAGE HOME SALES PRICE IN BREVARD COUNTY

November 2019 $266,351

November 2020 $381,495

December 2019 $273,627

December 2020 $313,443


Adam's Insight: Home Values Increase by 9.8% in 2020

In 2020 we saw pandemics, riots, censorship, international conflicts and now home prices increase more than they have since WWII. Homes are selling faster than they can list and the prices are still behind the sellers market. Many real estate professionals believe it is only the beginning and some of us see it coming to halting stop. The question is when and why.


AVERAGE HOME SALES PRICE IN COCOA, FLORIDA

November 2019 $200,030

November 2020 $220,000

December 2019 $201,103

December 2020 $231,657


DAYS ON MARKET


MEDIAN DAYS ON MARKET IN BREVARD COUNTY

November 2019 33

November 2020 11

December 2019 61

December 2020 12


MEDIAN DAYS ON MARKET IN COCOA, FLORIDA

November 2019 24

November 2020 9

December 2019 25

December 2020 8


Adam's Insight: FSBO's without offers aren't marketing!

Almost all homes receive offers, even when over priced. Homes sold FSBO (For Sale By Owner) are getting offers immediately after sticking a sign in the yard. The challenge is most FSBO's don't know how to get to the closing table and are taken advantage of by well educated buyers. 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

November 2019 37

November 2020 13

December 2019 38

December 2020 14


Adam's Insight: Distressed homes are starting to sell!

2020's lack of inventory created price increases which basically eliminated short sales. The banks are starting to sell homes that were on their books. This means that investment properties are starting to appear in the market. 14 is still a very small number, however, each month more will add to the list.


MOST EXPENSIVE SOLD LISTING IN BREVARD COUNTY - DECEMBER 2020




Sold Price: $2,250,000

Living SqFt: 5,531

Year Built: 2018

Bedrooms: 5

Baths: 6

Acreage: 0.96



Reference:



Written by:

Adam Maxfield

Realtor

Keller Williams Space Coast Realty

(321) 423-8283

Adam@MaxfieldHomeSolutions.com

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