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July 2020 VS 2021
UNEMPLOYMENT
USA UNEMPLOYMENT RATE
Adam's Insight: THE COUNTRY MOVES IN THE RIGHT DIRECTION
As the country began stepping outside and enjoying our Independence Day people found work. The problem isn't finding work, the challenge is finding high paying work. Restaurants, distribution facilities and construction work is available, but it is not paying the bills. Many businesses have found that layoffs were tough during the beginning of Covid, so now many businesses do not want to hire full time employees.
FLORIDA UNEMPLOYMENT RATE
Adam's Insight: FLORIDA UNEMPLOYMENT INCREASED?? WHY?
In July of 2021, many people returned to the workforce. The unemployment rate is not a percentage of people unemployed, the unemployment rate measures job seekers. In July, more people joined the search for work. Florida has many job opportunities.
HOMES SOLD
HOMES SOLD IN BREVARD COUNTY
June 2020 1,343
June 2021 1,507
July 2020 1,536
July 2021 1,322
Adam's Insight: THE MARKET IS STARTING TO DECLINE
The market has taken a large drop. Lenders are now returning phone calls, real estate agents are beginning to actively work to sell homes and buyers have a chance. I forecast that we will see this trend continue for the next 6 months as the market corrects itself. This 12.3% change is drastic, it may have been a summer change, but I believe the market has started to #pivot.
HOMES SOLD IN COCOA, FLORIDA
June 2020 128
June 2021 122
July 2020 124
July 2021 116
Adam's Insight: COCOA FOLLOWS SUIT
The City of Cocoa has a mixed market much like Brevard County. The area East of US 1 is full of custom homes earning top prices, while parts of Cocoa offer the lowest prices in the county. The City of Cocoa had fewer sales in July following the national, state and county numbers.
ACTIVE HOMES FOR SALE
HOMES FOR SALE IN BREVARD COUNTY
June 2020 3,056
June 2021 1,309
July 2020 2,704
July 2021 1,548
Adam's Insight: 3rd MONTH IN ROW, INVENTORY INCREASE AND VALUES MUST STABILIZE
For the last year the inventory has decreased, month after month. May was the first increase in inventory on record and now we are on a third consecutive month of inventory increases. It is still a great time to sell, but soon it will also be a great time to buy.
HOMES FOR SALE IN COCOA, FLORIDA
June 2020 211
June 2021 88
July 2020 197
July 2021 103
Adam's Insight: MASSIVE INVENTORY INCREASE!!!
In June 2021 there were only 88 homes available in Cocoa. In July the inventory has increased by almost 20%. We will continue to see prices level out as inventories increase.
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
June 2020 2.8
June 2021 0.99
July 2020 2.46
July 2021 1.15
Adam's Insight: THE INCREASE IS COMING
Absorption rate is an interesting statistic. If a single home was not listed, in 1.15 months every home would be sold with the current demand. The statistic can be tricky, because million dollar homes and homes that need a gut job can throw off the measurement. A 1.15 absorption rate means that we are in a sellers market. A stable market is around 4.0, this means that we have a long ways to go.
ABSORPTION RATE IN COCOA, FLORIDA
June 2020 2.23
June 2021 0.78
July 2020 2.06
July 2021 0.91
Adam's Insight: EVERY INCREASE IS HELPFUL
The City of Cocoa just doesn't have much for sale. If you want to buy in Cocoa you may need to sit back and wait. The inventory of homes is slowly increasing, but it is a great time to sell. We can still earn you 15% more than I believe you will see in a year from now.
AVERAGE SALES PRICE
AVERAGE HOME SALES PRICE IN BREVARD COUNTY
June 2020 $299,158
June 2021 $348,285
July 2020 $301,459
July 2021 $358,264
Adam's Insight: AS INVENTORY INCREASES, PRICES WILL FALL BUT NOT TODAY
Home values are increasing at an alarming rate. The average sales price does not necessarily measure the value of a home, but it is a strong indicator of home prices. The average home in Brevard County has increased $50,000 in the last year. If you choose a good real estate agent your home value can increase even more.
AVERAGE HOME SALES PRICE IN COCOA, FLORIDA
June 2020 $226,241
June 2021 $254,660
July 2020 $221,529
July 2021 $274,198
DAYS ON MARKET
MEDIAN DAYS ON MARKET IN BREVARD COUNTY
June 2020 31
June 2021 5
July 2020 27
July 2021 5
MEDIAN DAYS ON MARKET IN COCOA, FLORIDA
June 2020 21
June 2021 6
July 2020 15
July 2021 5
Adam's Insight: EAST OF US 1 - BE READY TO PAY
We are working with multiple buyers looking in Cocoa, East of US 1. It is tough to find a perfect home in a captive market! 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
June 2020 24
June 2021 19
July 2020 28
July 2021 14
Adam's Insight: HOW CAN YOU SHORT SELL WHEN PRICES ARE THIS HIGH
It is hard to short sell when prices are this high. We have surpassed the 2006 bubble and now everything has equity. Anyone short selling should receive an award for doing the impossible.
MOST EXPENSIVE SOLD IN BREVARD COUNTY - JULY 2021
1505 Atlantic St, Melbourne Beach, FL 32951
Sold Price: $2,900,000
Listed Price: $2,900,000
Living SqFt: 3,472
Year Built: 1954
Bedrooms: 4
Baths: 5 Full 2 Half
Acreage: 0.6
Listing Agent:
Reference:
Written by:
Adam Maxfield
Realtor
Keller Williams Space Coast Realty
(321) 423-8283
Adam@MaxfieldHomeSolutions.com
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