February 2021 Real Estate Metrics - City of Cocoa, Brevard County, Florida, USA

February 2020 VS 2021

UNEMPLOYMENT

USA UNEMPLOYMENT RATE

Adam's Insight: BABY STEPS

The United States unemployment rate has been improving. "Baby steps" is a gently way to say the jobs market is improving, but not quickly. Vaccines have started opening cities up and jobs are opening. Tourist businesses and restaurants have taken the biggest hits. Florida has kept a strong economy while most of the country has struggled.

FLORIDA UNEMPLOYMENT RATE

January 2020 2.8%

January 2021 TBD

February 2020 2.8%

February 2021 TBD

HOMES SOLD

HOMES SOLD IN BREVARD COUNTY

January 2020 814

January 2021 977

February 2020 995

February 2021 1,150

Adam's Insight: Brevard County is Selling Homes Faster than Years Before!

The home sales increased by 17.7% in Brevard County over January 2021 and 15.6% over February 2020. The combination of low interest rates and the pandemic with the addition of a low inventory has created a buying frenzy. Even though homes are 12% more than a year ago, many mortgages are still cheaper. A 2.7% interest rate on a $350,000 is less than a 4.0% interest rate on a $300,000 home.

HOMES SOLD IN COCOA, FLORIDA

January 2020 77

January 2021 98

February 2020 60

February 2021 95

Adam's Insight: Cocoa Sales are Off The Charts

The City of Cocoa home sales have increased by 58% when compared to February 2020 Sales. It is impossible to know how long prices will soar, but now is a good time to sell. It isn't an awful time to buy either will low interest rates.

CURRENT HOMES FOR SALE

HOMES FOR SALE IN BREVARD COUNTY

January 2020 3,333

January 2021 1,952

February 2020 3,380

February 2021 1,551

Adam's Insight: 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 February 2021 there were 54.1% fewer homes available to purchase. When demand (homes sold) increases but the supply (quantity of homes available) is half of the previous year prices will sore. We are seeing high prices and buyers are getting desperate and discouraged. 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

A chart displaying the number of listings for Cocoa Florida

January 2020 224

January 2021 170

February 2020 220

February 2021 123

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

Brevard County Absorption Rate Chart showing numbers falling

January 2020 2.93

January 2021 1.63

February 2020 2.95

February 2021 1.28

Adam's Insight: The Absorption Rate Continues to Drop

Absorption rate is a hard metric to understand and often difficult to communicate what a 1.28 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

January 2020 2.33

January 2021 1.69

February 2020 2.25

February 2021 1.2

Adam's Insight: The Pickings are Few and Far In-Between.

The City of Cocoa offers homes of all types, shapes and sizes. Even with a diverse market place, the City of Cocoa can not keep up with demand.

AVERAGE SALES PRICE

AVERAGE HOME SALES PRICE IN BREVARD COUNTY

January 2020 $256,630

January 2021 $297,817

February 2020 $276,517

February 2021 $293,033

Adam's Insight: Brevard County Average Sales Price Increases by 6%

The 6% average sales price increase is not a fair statistic. Maxfield Home Solutions is selling homes for 31.8% more than the purchased value 13 months prior. Desperate buyers are willing and excited to pay top dollar.

AVERAGE HOME SALES PRICE IN COCOA, FLORIDA

January 2020 $190,252

January 2021 $216,350

February 2020 $189,857

February 2021 $228,548