October 2019 VS 2020
UNEMPLOYMENT
USA UNEMPLOYMENT RATE
Adam's Insight: AGAIN, STILL ON THE ROAD TO RECOVERY
The United States unemployment rate has improved by 1.0%. Currently the news is telling us that COVID-19 is on the rise again and many states are closing businesses again. In October business has greatly improved. The USA on average has cut the unemployment rate in half since the beginning of the COVID-19 pandemic.
FLORIDA UNEMPLOYMENT RATE
HOMES SOLD
HOMES SOLD IN BREVARD COUNTY
September 2019 1,039
September 2020 1,216
October 2019 993
October 2020 1,347
Adam's Insight: Brevard County is Moving in the RIGHT DIRECTION
The home sales increased by 10.8% in Brevard County for October 2020. An astonishing 354 more homes sold than in October of the previous year. The belief was that September was a great month for home sales but October saw 131 addition home sales. As national unemployment improved the home sales followed the trend. This displays the powerful economy of Florida and that we are ahead of the curve.
HOMES SOLD IN COCOA, FLORIDA
September 2019 90
September 2020 108
October 2019 87
October 2020 112
Adam's Insight: Cocoa's Sales Increased in September
October's home sales increased by 4, not much but still increasing. 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
September 2019 3,380
September 2020 2,157
October 2019 3,368
October 2020 2,145
Adam's Insight: Find a Needle in the Hay Barn
Today, searching for a home to purchase in Brevard County has gotten very difficult. More than half of the available homes for sale sold in October. October of 2020 has 36.3% 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
September 2019 229
September 2020 157
October 2019 219
October 2020 171
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
September 2019 3.02
September 2020 1.93
October 2019 2.99
October 2020 1.88
Adam's Insight: The Absorption Rate Continues to Drop
The current absorption rate is lower than I have can find in Brevard County. The absorption rate means that if no new listings are added to the market in 1.88 months not a single home will be for sale. The only reason the rate is even at 1.88 is due to overpriced homes and unwanted homes on the market. About 20% of the current market are homes that are extremely over priced or homes that can not find a buyer. Even in this market homes are expiring everyday. This means that either the agent didn't market well, the home is overpriced or there is a defect that is deterring buyers. If you want price your home correctly and see a professional marketing plan Maxfield Home Solutions will be glad to provide you with a plan and proposal.
ABSORPTION RATE IN COCOA, FLORIDA
September 2019 2.47
September 2020 1.63
October 2019 2.36
October 2020 1.73
Adam's Insight: Cocoa's Absorption Rate Increases
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's absorption rate had a slight increase. Brevard County saw another reduction, the reason is because higher income homes (above $300,000) are selling faster than homes below ($250,000).
AVERAGE SALES PRICE
AVERAGE HOME SALES PRICE IN BREVARD COUNTY
September 2019 $258,335
September 2020 $299,887
October 2019 $255,204
October 2020 $308,061
Adam's Insight: Prepare to Pay Top Dollar
With an average price increase of $52,204 it is obvious that buyers are paying top dollar and expensive homes are selling faster. A 20.7% average price increase can signal a bubble, but the question is when and how powerful of a correction should we expect to see.
AVERAGE HOME SALES PRICE IN COCOA, FLORIDA
September 2019 $202,628
September 2020 $218,586
October 2019 $202,207
October 2020 $229,489
DAYS ON MARKET
MEDIAN DAYS ON MARKET IN BREVARD COUNTY
September 2019 26
September 2020 16
October 2019 32
October 2020 14
MEDIAN DAYS ON MARKET IN COCOA, FLORIDA
September 2019 21
September 2020 16
October 2019 31
October 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.
SHORT SALES / BANK OWNED / AUCTION
SOLD SHORT SALES/BANK OWNED/AUCTION IN BREVARD COUNTY
October 2019 19
October 2020 9
Adam's Insight: High Value Means Investments are Hard to Find!
With every homes value increasing due to a lack of inventory, it is hard to short sale when your investment increased in value. If you or someone you know can't afford monthly living costs contact Maxfield Home Solutions to help. You will likely leave the closing table in money in your pocket, but this could change tomorrow so act fast.
MOST EXPENSIVE LISTING IN BREVARD COUNTY - OCTOBER
Listing Price: $5,995,000
Living SqFt: 12,845
Year Built: 1998
Bedrooms: 7
Baths: 12 (9 Full & 3 Half)
Acreage: 7.98
Listing Agent: Carrie Prieto with Sotheby's
Reference:
Written by:
Adam Maxfield
Realtor
Keller Williams Space Coast Realty
(321) 423-8283
Adam@MaxfieldHomeSolutions.com
Comments