Tranquil moonrise in South Cocoa Beach.
Real estate sales activity in November was slow as is historically typical for the month. There were eleven closed single family homes in Cocoa Beach and Cape Canaveral in the month and 29 condos and townhomes. Median days on market has increased with closed condos at 35 days on market and 75 days for single family homes. Median price for closed condos was $400,000 and $1,020,000 for single family homes. Cash sales represented just less than half of single family home sales and 72% of sold condos.
New contracts were slow as well with only 26 new condo contracts during the month and thirteen new SF home contracts. As with the closed sales, the new contracts on homes during the month were concentrated in the higher-priced properties while condo contracts were more plentiful in the lower priced properties.
Inventory this morning stands at 240 condo units and townhomes for sale in the two cities and 32 single family homes. There is only one home for sale asking less than a half million. Median asking price for the condos is $397,000. Over a third of the condos have been on market for over 100 days. Median DOM for the entire condo inventory is at 68 days which is much higher than earlier in the year. All signs point toward a slowing market but, and it's a big but, this is always a slow time of year. Our market generally blasts off after New Years so we'll have to wait and see if the slowdown is seasonal or systemic. We have several well-known headwinds like rising insurance costs, rising condo fees and higher mortgage rates so it's anyone's guess whether we will be back off to the races come January.
High today for Cocoa Beach, December 4, 2023 is 79° F with light winds. Very few snowbirds have arrived yet and visible human activity around town is minimal. I can feel the beach exerting a strong pull right now and I'm guessing others are feeling it as well. It's advisable to enjoy this last quiet period before Christmas if one isn't fond of crowds.
"It's hard to accept the truth when the lies were exactly what you wanted to hear." __unknown