The real estate market in Cocoa Beach, Florida has undergone many changes throughout the last decade. Recent figures show that monthly foreclosures exceeded 746 from January 2009 through October, and maximum monthly home sales were low compared to the national average during that time frame. This resulted in a significant backlog of unsold homes. By 2010, there were 15,000 more vacant homes than purchasers that were available and willing to buy. At the same time, a considerable number of new houses were built from 2000 through 2009. This was enough to house 112,000 people, in a region where only 60,000 people moved in. The population was not growing among existing residents. A combination of all these factors contributed to bursting the United States housing bubble.
Still, 2011 figures are looking better. As of March 2011, the median sales price of existing homes in the Cocoa Beach area increased as compared to the same month in 2010. After more than four years of prices being lower than their previous year counterparts, these increases in price show a positive trend. Also, the sale of existing single-family homes in the Cocoa Beach in March was higher than in 2010.
Taking a look at condominium units, the number of sales has increase from 2010 numbers. The sale of condominiums in the Cocoa Beach area was also up when compared to the figures from the same time period in 2010. On the other hand, fewer people purchased previously occupied homes in April 2011 as compared to April 2010. Residential real estate purchases made by first-time homebuyers did increase slightly. However, while the increase shows positive signs that the real estate market is improving, it was not so considerable as to signal a housing recovery.
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