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May 2020 VS 2021
UNEMPLOYMENT
USA UNEMPLOYMENT RATE
Adam's Insight: THE NATION IS HEALING BUT WE'RE NOT OUT OF THE WOODS YET
The United States unemployment rate is improving. In April the national unemployment rate increased causing major concern. In May, we saw the numbers move into the right direction, finally another reduction. 5.8% is a step forward, but a healthy economy is less than 4%. For example, in May of 2019 the national average was 3.7%.
FLORIDA UNEMPLOYMENT RATE
Adam's Insight: THE LABOR FORCE CONTINUES TO GROW
Between April 2020 and April 2021 an estimated 329,717 new residents moved to live in Florida. This massive population growth greatly affects our unemployment rate. Florida has an estimated civilian labor force of 10,313,000. With a population growth of roughly 1.5%, due to Florida's strong economy our unemployment only increased by 0.1%. States like California and New York have lost population and both are still showing large unemployment rates above the national average.
HOMES SOLD
HOMES SOLD IN BREVARD COUNTY
April 2020 980
April 2021 1,503
May 2020 899
May 2021 1,343
Adam's Insight: THE MARKET FEELS SCARCE BUT HOMES ARE SELLING
The home sales increased by 33.0% in Brevard County over May 2020. May of 2020 was a scary month for the world let alone Brevard County. Now that society is not afraid to leave their homes, we are selling them and going somewhere else. Home sells are up around the nation. Even though the market feels scarce we are not too far behind 2019 in monthly sales. In May of 2019, 1,437 homes sold in Brevard County. The challenge is that we have more buyers than properties available and fewer properties available to purchase.
HOMES SOLD IN COCOA, FLORIDA
April 2020 85
April 2021 115
May 2020 76
May 2021 104
Adam's Insight: COCOA SALES ARE STILL HIGH
The City of Cocoa home sales are still higher than most cities around the county. April had higher sales due to fewer sales in March. May is on track for a healthy sellers market in May, 2021.
ACTIVE HOMES FOR SALE
HOMES FOR SALE IN BREVARD COUNTY
April 2020 3,631
April 2021 1,252
May 2020 3,495
May 2021 1,297
Adam's Insight: SUPPLY IS INCREASING
For the last year the inventory has decreased, month after month. May is the first increase in inventory on record. If this trend continues, home prices will level off and some areas will see home values drop. Don't worry, inventory levels are still less than 1/2 of a stable market. It is still a great time to sell.
HOMES FOR SALE IN COCOA, FLORIDA
April 2020 237
April 2021 85
May 2020 241
May 2021 82
Adam's Insight: ARE THE FACTS BACKWARDS?
In May 2021 104 homes sold, yet there are only 82 have for sale? This number can be confusion because a home isn't sold until is has closed and money has changed hands. An Active Listing is home that is not under contract, so most of the homes that sold in May went under contract in April. That being said, last month 104 homes sold and this month there are only 82 available. Another month that sellers should earn top dollar.
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
April 2020 3.12
April 2021 0.89
May 2020 3.08
May 2021 0.92
Adam's Insight: The Absorption Rate Continues to Drop
Absorption rate is a hard metric to understand and often difficult to communicate what a rate of 0.92 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. We have fewer new listings than the number of homes that sold in the previous month. If you are a buyer you need to be prepared to make a great offer.
ABSORPTION RATE IN COCOA, FLORIDA
April 2020 2.38
April 2021 0.78
May 2020 2.46
May 2021 0.74
Adam's Insight: IF THE PICKINGS WERE FEW AND FAR INBETWEEN BEFORE, WHAT ARE THEY NOW?
The City of Cocoa just doesn't have much for sale. There isn't much new construction and the people that live here don't want to leave. If you want to join our community, you will need a good real estate agent and I happen to know a few. Amazon is moving here soon and I hope there is available housing for the employees.
AVERAGE SALES PRICE
AVERAGE HOME SALES PRICE IN BREVARD COUNTY
April 2020 $283,652
April 2021 $347,172
May 2020 $270,496
May 2021 $331,359
Adam's Insight: AS INVENTORY INCREASES, PRICES WILL FALL
The average price of a home is still much more than previous years, however we are starting to see pricing level off. Remember, a small change doesn't mean a trend has started, but we should keep our eyes open.
AVERAGE HOME SALES PRICE IN COCOA, FLORIDA
April 2020 $208,920
April 2021 $248,682
May 2020 $188,289
May 2021 $220,697
DAYS ON MARKET
MEDIAN DAYS ON MARKET IN BREVARD COUNTY
April 2020 17
April 2021 6
May 2020 23
May 2021 5
MEDIAN DAYS ON MARKET IN COCOA, FLORIDA
April 2020 16
April 2021 7
May 2020 19
May 2021 6
Adam's Insight: Even DIY Required Homes are Earning Top Dollar!
Real estate agents are starting to see that only the best offers get accepted. Every month homes sell faster than the previous month. This number will be the last to change in a market shift. 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
April 2020 16
April 2021 15
May 2020 24
May 2021 8
Adam's Insight: ONLY A HANDFUL OF FLIPS AVAILABLE
The auctions have gotten boing with only a few properties available to purchase. Scarcity today often leads to a supply tomorrow. Basically, many people are paying top dollar and we learned in 2008 that if you stop paying your mortgage, you don't go to jail. So it is likely we will see many properties available at cheap rates in the future. If you want a better explanation feel free to call me at (321) 423-8283
MOST EXPENSIVE SOLD IN BREVARD COUNTY - MAY 2021
8880 S Tropical Trail, Merritt Island, FL 32952
Sold Price: $1,748,759
Living SqFt: 3,720
Year Built: 2001
Bedrooms: 3
Baths: 4 Full
Acreage: 3.41
Listing Agent:
Reference:
Written by:
Adam Maxfield
Realtor
Keller Williams Space Coast Realty
(321) 423-8283
Adam@MaxfieldHomeSolutions.com
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