One third of the condo sales in May were on the market for less than 32 days and half of the single family homes sold in less than 35 days. Had the other sellers been more realistic with their first asking price that number would be higher. 59% of condo sellers had to reduce their asking prices before finding a buyer.
The number of purchases with mortgages is rising. As recently as 2010 two thirds of all condo purchases were for cash. In May we were right at 50/50 cash to mortgage for condos and about 2/3 of all single family sales were financed.
As we move through the summer months I expect these trends to continue. For sellers it means that you can reasonably expect to get more than you would have last year but not a great deal. For buyers, expect competition from other buyers for good properties and expect to pay slightly more than you would have six months ago. Thinking of throwing out a lowball on a good property hoping for a steal? Try some other market. It's not going to happen here. Get pre-approved with your local lender so you can include a pre-approval letter with your offer or have proof of funds if you offer cash. As always, good luck in your search. Questions? Email me at email@example.com or call me at 321.917.5786 I'm happy to help.
Here's the tl;dr version for those with limited attention spans.
Cocoa Beach & Cape Canaveral Real Estate Trends Summer 2013
- very low inventory
- slowly, steadily rising prices
- shrinking number of distressed sales
- competittion among buyers for good properties
- quick sales of good, priced-right properties
- mortgages becoming more prevalent
- successful lowball offers = DOA