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September 2020 Real Estate Metrics - City of Cocoa, Brevard County, Florida, USA

September 2019 VS 2020

 

UNEMPLOYMENT




USA UNEMPLOYMENT RATE




Adam's Insight: ROAD TO RECOVERY

The United States unemployment rate has improved by 0.5%. This is great news, during a pandemic in which the world is struggling. It is time to keep our chins up and keep pushing the rock up the hill. 2021 is just around the corner.


FLORIDA UNEMPLOYMENT RATE


HOMES SOLD


HOMES SOLD IN BREVARD COUNTY

August 2019 1,248

August 2020 1,299

September 2019 1,039

September 2020 1,216


Adam's Insight: The Sellers Market Continues

The home sales dropped 6.4% in Brevard County for September 2020. This has a direct correlation to the number of homes available. Buyers are searching for their perfect home yet with only a few options on the market, many buyers are searching without success. In September the market offered 300 fewer homes than the previous month yet sales only reduced by 83, this can only mean more price increases.


HOMES SOLD IN COCOA, FLORIDA

August 2019 113

August 2020 104

September 2019 90

September 2020 108


Adam's Insight: Cocoa's Sales Increased in September

September's home sales increased by 18, yet the inventory reduced by 57. As a home owner or an investor, if you plan on selling your home soon you should get start now. Buyers are searching for properties yet the pickings are slim and reducing every day.



CURRENT SINGLE DETACHED HOMES FOR SALE


HOMES FOR SALE IN BREVARD COUNTY

August 2019 3,439

August 2020 2,437

September 2019 3,380

September 2020 2,157


Adam's Insight: Needle in a Haystack

Today, searching for a home to purchase in Brevard must be frustrating. September of 2020 has 36.2% fewer homes available than only a year ago. Maxfield Home Solutions will create a search and send alerts as properties become available so you will be the alerted to new listings. Submit requests through our contact page or call (321) 423-8283 for assistance finding your dream home.


HOMES FOR SALE IN COCOA, FLORIDA

August 2019 241

August 2020 180

September 2019 229

September 2020 157


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

August 2019 3.06

August 2020 2.18

September 2019 3.02

September 2020 1.93


Adam's Insight: Lowest Rate Seen in Recent History

The current absorption rate is lower than 2005. The question today is not, IF you home will sell, but for HOW MUCH. If you want to sell your home now is the time to choose an agent that will negotiate to get you the highest price.


ABSORPTION RATE IN COCOA, FLORIDA

August 2019 2.64

August 2020 1.86

September 2019 2.47

September 2020 1.63


Adam's Insight: Cocoa has the Lowest Absorption Rate in Brevard

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. October may break more records, as each month there are fewer homes on the market.


AVERAGE SALES PRICE


AVERAGE HOME SALES PRICE IN BREVARD COUNTY

August 2019 $266,133

August 2020 $298,175

September 2019 $258,335

September 2020 $299,887


AVERAGE HOME SALES PRICE IN COCOA, FLORIDA

August 2019 $208,023

August 2020 $228,879

September 2019 $202,628

September 2020 $218,586


DAYS ON MARKET


MEDIAN DAYS ON MARKET IN BREVARD COUNTY

August 2019 26

August 2020 17

September 2019 26

September 2020 16



MEDIAN DAYS ON MARKET IN COCOA, FLORIDA

August 2019 18

August 2020 12

September 2019 21

September 2020 16


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.


MOST EXPENSIVE LISTING IN THE CITY OF COCOA - SEPTEMBER



Listing Price: $1,025,000

Living SqFt: 3,310

Year Built: 2004

Bedrooms: 3

Baths: 4



Reference:



Written by:

Adam Maxfield

Realtor

Keller Williams Space Coast Realty

(321) 423-8283

Adam@MaxfieldHomeSolutions.com

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