REAL ESTATE MARKET WATCH: Cocoa Beach, Cape Canaveral Real Estate Market Update
By Bobby Freeman // April 8, 2017
Low inventory in Feb. drive record high home prices
ABOVE VIDEO: Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades, discusses the real estate market in Cocoa Beach and Cape Canaveral.
BREVARD COUNTY, FLORIDA – Life at the beach continues to be great for real estate, supply is down and demand continues to go up.
Every year I notice more and more tourists visiting our beautiful Space Coast and then buying a piece of Florida paradise.
Developers are starting new construction projects and a lot of big time money will be changing hands regarding commercial projects (more on that when these properties close).
For those interested in the residential side of real estate this year there have been 211 closed single-family homes, town homes and condos in Cocoa Beach and Cape Canaveral Florida.
127 properties are currently under contract.
If you are a buyer looking to buy a condo, single-family home or town home, you have 317 to pick from. Educated buyers know when a property is listed at a fair asking price and usually act quick.
Low home inventory in February drove home prices up to a record high in the 9-year history of the RE/MAX National Housing Report.
Here are four things to know from the March 2017 edition:
1. Inventory has been dropping since 2008
The active inventory of homes for sale across the country dropped 17.9 percent year-over-year in February. It’s the 100th consecutive month of year-over-year declines, dating back to October 2008.
“Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.
“The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”
2. Home prices continue to rise
Low inventory drove prices up six percent year-over-year to a median sales price of $212,000 for the 53 metro areas surveyed.
Only six metro areas saw year-over-year decreases or remained unchanged. Sixteen areas saw double-digit increases, with prices rising the most in Fargo, North Dakota (+19.9 percent), Burlington, Vermont (+18.4 percent) and Tampa, Florida (+15.9 percent).
ABOVE VIDEO: Cocoa Beach offers an outstanding lifestyle and great real estate values.
3. Homes aren’t lingering on the market
Houses spent fewer days on the market in February than the same time last year, dropping from an average of 75 days on the market in February 2016 to 68 days during February 2017.
Where are things moving most rapidly? San Francisco at 32 days, Omaha, Nebraska at 34 and Denver at 38. Homes are sticking around longest in Augusta, Maine at 147 and Chicago at 109.
4. The market still favors sellers in most areas
Based on the rate of home sales in February, the Months Supply of Inventory dropped slightly to 3.6 months from 3.8 in January.
A six-month supply indicates the market is equally balanced between buyers and sellers. In February, 45 of the 53 metro areas surveyed reported a months supply of less than 6.0, typically considered a seller’s market.
The other eight areas reported a months supply of more than 6.0, usually considered a buyer’s market. Inventory continues to be scarcest in the west: Denver, Seattle, and San Francisco each had a months supply close to 1.0.
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ABOUT THE AUTHOR
Bobby Freeman, a life-time resident of Brevard County, has been a top Realtor in the area for two decades. In his first year as an agent, Freeman received a Rising Star award from his Brokers. Since then he has achieved numerous sales awards including the prestigious RE/MAX Hall of Fame Award.
Freeman, Jennifer McCoy and Nikki McCoy-Freeman are family partners for RE/MAX Elite’s McCoy-Freeman Group. Together they have more than 30 years of extensive experience in all aspects of the real estate industry and have sold over $300 million.
Among McCoy-Freeman Group’s achievements are RE/MAX Hall of Fame, RE/MAX Platinum Club, Certified Luxury Home Marketing Specialist (CLHMS), Certified Distressed Property Experts (CDPE), Accredited Buyer’s Representative (ABR) and voted Best Realtor in Brevard County.
The group has been featured in many news publications including CNN Money Magazine, CNNMoney.com, WFTV 9 News, News 13, WKMG News 6, Coastal Condo Living Magazine, Hot Retirement Towns Magazine and SpaceCoastDaily.com.
For more information log on to BrevardRealtyConnection.com