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November 2019 VS 2020
UNEMPLOYMENT
USA UNEMPLOYMENT RATE
Adam's Insight: AGAIN, STILL ON THE ROAD TO RECOVERY
The United States unemployment rate has improved 0.2%. Historically the unemployment rate improves every November as seasonal jobs are created. 2020 has been a year for the record books, so it is difficult to tell if the improvement is due to the vaccine hopes, elections, or normal seasonal trends.
FLORIDA UNEMPLOYMENT RATE
November 2020 TBD
HOMES SOLD
HOMES SOLD IN BREVARD COUNTY
October 2019 993
October 2020 1,347
November 2019 1,049
November 2020 1,136
Adam's Insight: Brevard County is Moving in the RIGHT DIRECTION
The home sales decreased by 15.7% in Brevard County for November 2020. While the number of home sales has reduced from October, in November 2020 87 more homes sold than in November 2019. Home prices will continue to soar as long as the inventory remains low but demand continues to climb.
HOMES SOLD IN COCOA, FLORIDA
October 2019 87
October 2020 112
November 2019 99
November 2020 94
Adam's Insight: Cocoa's Sales Decreased
The City of Cocoa sales reduced when comparing 2019 and even October 2020. The main reason is the lack of inventory. If you are interested in selling your home in Cocoa, now is the time.
CURRENT HOMES FOR SALE
HOMES FOR SALE IN BREVARD COUNTY
October 2019 3,368
October 2020 2,145
November 2019 3,439
November 2020 2,096
Adam's Insight: Do you remember the surge commercials from the 90's?
Lost month I wrote that it has gotten difficult for buyers to find their dream home. This month it has gotten even harder. Roughly 97% of the homes listed are getting sold, this means that 97% of the newly listed homes sold. This represents that desired homes are selling fast and that there are about 900 homes on the market that are over priced or not desired. In November 2,096 homes were actively for sale, and 1,136 homes sold. If you would like to sell your home for top dollar contact our sales team to offer our marketing campaign. Submit requests through our contact page or call (321) 423-8283 for assistance finding your dream home.
HOMES FOR SALE IN COCOA, FLORIDA
October 2019 219
October 2020 171
November 2019 210
November 2020 183
Adam's Insight: Investments Make Great Homes
Many of the rental properties in Cocoa are durable block single family detached homes. These rentals make great homes for families, the average home for rent is a 3 bedroom with 1 or 2 bathrooms. 2020 has made it easy for people to get sick and 2020 made it easy for investors to get rich. If you are an investor that has a rental that you would like to sell and reinvest, 2020 is the year to sell. Maxfield Home Solutions can provide a net sheet free of charge.
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 at the current 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
October 2019 2.99
October 2020 1.88
November 2019 3.09
November 2020 1.79
Adam's Insight: The Absorption Rate Continues to Drop
As the pandemic continues the local absorption rate continues to drop. This means that in 1.79 months if zero new properties were listed then there wouldn't be a single home for sale. A safe standard an absorption rate of 3 to 6, 1.79 is extremely low. A low absorption rate means SELLERS MARKET!! Top dollar is obtainable with correct negotiations (contracts and leveraging buyers against each other). Ask me how!
ABSORPTION RATE IN COCOA, FLORIDA
October 2019 2.36
October 2020 1.73
November 2019 2.27
November 2020 1.81
Adam's Insight: Cocoa's Absorption Improves
Cocoa has homes in all price ranges and types. Even with our property diversity, from waterfront to Port St John acres, the City of Cocoa is extremely low on inventory. November has a slight improvement but not much. The main reason is homes in $250,000 range are selling faster then the lower range average of Cocoa, Florida.
AVERAGE SALES PRICE
AVERAGE HOME SALES PRICE IN BREVARD COUNTY
October 2019 $255,204
October 2020 $308,061
November 2019 $266,351
November 2020 $381,495
Adam's Insight: Prepare to Pay Top Dollar
With an average sales price increase of $155,144, seller can expect top dollar. This doesn't mean your home value increased by $155,144 in the last year, but it does mean that homes are selling for more. Today the sweet spot is $250,000-$450,000. Homes above and below this price range are not selling as fast as homes in the sweet spot.
AVERAGE HOME SALES PRICE IN COCOA, FLORIDA
October 2019 $202,207
October 2020 $229,489
November 2019 $200,030
November 2020 $220,000
DAYS ON MARKET
MEDIAN DAYS ON MARKET IN BREVARD COUNTY
October 2019 32
October 2020 14
November 2019 33
November 2020 11
MEDIAN DAYS ON MARKET IN COCOA, FLORIDA
October 2019 31
October 2020 16
November 2019 24
November 2020 9
Adam's Insight: Even Junk is Selling!
The ugly homes are selling because they have become the prettiest property for sale. Buyers have lost the ability to ask for credits after inspections and many homes have become a bidding war. What did Realtors learn in Q3 of 2020, sellers have the power. 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
October 2019 19
October 2020 9
November 2019 37
November 2020 13
Adam's Insight: Distressed homes are starting to sell!
2020's lack of inventory created price increases which basically eliminated short sales. The banks are starting to sell homes that were on their books. This means that investment properties are starting to appear in the market. 13 is still a very small number, in November 2010 there are 267 distressed properties.
MOST EXPENSIVE SOLD LISTING IN BREVARD COUNTY - NOVEMBER
Listing Price: $2,400,000
Living SqFt: 3,461
Year Built: 2017
Bedrooms: 4
Baths: 4
Acreage: 1.01
Listing Agent: Edward Drass with Sotheby's
Reference:
Written by:
Adam Maxfield
Realtor
Keller Williams Space Coast Realty
(321) 423-8283
Adam@MaxfieldHomeSolutions.com
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