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

March 2020 VS 2021

 

UNEMPLOYMENT


USA UNEMPLOYMENT RATE



Adam's Insight: SLIGHT IMPROVEMENT IS STILL IMPROVEMENT

The United States unemployment rate has been improving. Every month the unemployment has slowly been improving. A 0.2% improvement is still improvement. The United States has finally cut the original COVID-19 unemployment number in half.


FLORIDA UNEMPLOYMENT RATE


HOMES SOLD



HOMES SOLD IN BREVARD COUNTY

February 2020 995

February 2021 1,150

March 2020 1,334

March 2021 1,539




Adam's Insight: Even the junk is selling!!

The home sales increased by 25.3% in Brevard County over February 2021 and 13.3% over March 2020. The combination of low interest rates, elections and the pandemic with the addition of a low inventory has created a buying frenzy. Even though homes are more expensive than a year ago, many mortgages are still cheaper.


HOMES SOLD IN COCOA, FLORIDA

February 2020 60

February 2021 95

March 2020 118

March 2021 149



Adam's Insight: Cocoa Sales are Off The Charts

The City of Cocoa home sales have increased by 21% when compared to March 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

February 2020 3,380

February 2021 1,551

March 2020 3,503

March 2021 1,428


Adam's Insight: AGAIN, 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 March 1,539 homes sold, yet there were only 1,521 new listings. Every month there are more sales then listings, soon home values will sky rocket, which we will soon see in April and May. 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

February 2020 220

February 2021 123

March 2020 224

March 2021 111


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


February 2020 2.95


February 2021 1.28

March 2020 3.04

March 2021 1.16


Adam's Insight: The Absorption Rate Continues to Drop

Absorption rate is a hard metric to understand and often difficult to communicate what a 1.16 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

February 2020 2.25

February 2021 1.20

March 2020 2.31

March 2021 1.05


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. A 1.05 is the lowest absorption rate in the recorded history that I can find.


AVERAGE SALES PRICE


AVERAGE HOME SALES PRICE IN BREVARD COUNTY

February 2020 $276,517

February 2021 $293,033

March 2020 $287,095

March 2021 $315,441


Adam's Insight: Brevard County Average Sales Price Increases by 9%

The 9% 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

February 2020 $189,857

February 2021 $228,548

March 2020 $228,292

March 2021 $253,687


DAYS ON MARKET

MEDIAN DAYS ON MARKET IN BREVARD COUNTY

February 2020 30

February 2021 13

March 2020 22

March 2021 8


MEDIAN DAYS ON MARKET IN COCOA, FLORIDA

February 2020 25

February 2021 12

March 2020 15

March 2021 10


Adam's Insight: Even DIY Required Homes are Earning Top Dollar!

Homes that are selling fast 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

February 2020 32

February 2021 10

March 2020 25

March 2021 5


Adam's Insight: Few to Zero Required Sales!

It is hard to short sale when values are this high and foreclose when the CDC wont allow it!


MOST EXPENSIVE LISTING IN BREVARD COUNTY - MARCH 2021




Sold Price: $3,650,000

Living SqFt: 4,179

Year Built: 2016

Bedrooms: 5

Baths: 5

Acreage: 0.75


Listing Agent: Unknown


Reference:



Written by:

Adam Maxfield

Realtor

Keller Williams Space Coast Realty

(321) 423-8283

Adam@MaxfieldHomeSolutions.com

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