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

January 2020 VS 2021

 

UNEMPLOYMENT


USA UNEMPLOYMENT RATE




Adam's Insight: THE ROAD TO RECOVERY IS SLOW BUT IMPROVING

The United States unemployment rate in a balanced market bounces around 3.5% depending on the season. During the peak of COVID the unemployment rate was double what it is today at 6.3%. During the 2008 recession the unemployment rate hit 10.8%, soon the market will stabilize.


FLORIDA UNEMPLOYMENT RATE


HOMES SOLD



HOMES SOLD IN BREVARD COUNTY

December 2019 1,173

December 2020 1,322


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

The home sales increased by 20% in Brevard County. The economy has not increased by 20% but home sales continue. Low interest rates, life style changes and of course boredom are a few of the causes to our increased home sales.


HOMES SOLD IN COCOA, FLORIDA

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

December 2019 3,363

December 2020 2,071



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. 5.7% fewer listings than December 2020 and 41% fewer listings than January 2020. If this pattern continues even Fido will sell his dog house for top dollar.


HOMES FOR SALE IN COCOA, FLORIDA

December 2019 241

December 2020 157




Adam's Insight: Fewer and fewer

The City of Cocoa only had a few homes available in December 2020, so it is natural for a rebound in January. As the listings in Brevard County continue to reduce we will see prices increasing and buyers will get desperate.



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


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 trend means that more homes are selling than are added to the market each month. Home values will sore but the appraisers system is keeping home values low is keeping prices in check. The new laws designed after the 2008 recession are keeping the economy in a steady and improving.



ABSORPTION RATE IN COCOA, FLORIDA

December 2019 2.58

December 2020 1.56


Adam's Insight: Cocoa's absorption rate slightly improves.


Cocoa has homes in all price ranges and types. The variety of homes, incomes and types of employment has increased stability.


AVERAGE SALES PRICE


AVERAGE HOME SALES PRICE IN BREVARD COUNTY

December 2019 $273,627

December 2020 $313,443


Adam's Insight: Home Values Increase by more than 10% nationwide

In 2020, many people were effected by the pandemic. As unemployment improves home sales continue. Soon the rich will stop buying, but I wouldn't hold my breath.


AVERAGE HOME SALES PRICE IN COCOA, FLORIDA

December 2019 $201,103

December 2020 $231,657


DAYS ON MARKET


MEDIAN DAYS ON MARKET IN BREVARD COUNTY

December 2019 61

December 2020 12



MEDIAN DAYS ON MARKET IN COCOA, FLORIDA

December 2019 25

December 2020 8


Adam's Insight: Over priced homes are still selling!

Homes that are slightly over priced are selling at list. Now is a time price a little and high market well. Last month I sold a home for about 10% above market value, that brought the home owner an extra $18,000 at the closing table. Pricing high is always a risk, but at a 1.5 absorption rate it is the time to take the risk. 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

December 2019 38

December 2020 14


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

It is nearly impossible short sale a home when home values are higher than ever. In January 2021 homes prices exceeded the 2006 home values. I do not think today is the time to buy as an investor, unless you found a great deal. But if you have properties that are worth selling, it is time to sell!


MOST EXPENSIVE SOLD LISTING IN BREVARD COUNTY - DECEMBER 2020




Sold Price: $1,650,000

Living SqFt: 4,141

Year Built: 1997

Bedrooms: 4

Baths: 3.2

Acreage: 1.34



Reference:



Written by:

Adam Maxfield

Realtor

Keller Williams Space Coast Realty

(321) 423-8283

Adam@MaxfieldHomeSolutions.com

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