Sunday, February 19, 2017

Valentine's Week, 2017

There were no big changes in real estate activity in Cocoa Beach and Cape Canaveral the week of Sunday, February 12  to Sunday, February 19. The main themes of previous weeks remain firmly in place; low inventory and demand exceeding supply. Two-thirds of the 63 condo closings so far this year have been cash deals. Those hoping to purchase a condo who are planning to get a mortgage need to remember that when drafting their offers. Single family home buyers are more likely to use a mortgage with only a third of the 19 closed sales so far going for cash. Note to prospective buyers: one fifth of all closed sales so far this year sold in the first week on the market. If a property is desirable there will be multiple suitors immediately and the buyer who can't act quickly will lose out most times. I can say from repeated first-hand experience that those using an active local (Cocoa Beach) buyer's agent have a distinct edge. Three of my last four closings were under contract the first day on the market.

We had 25 new MLS listings of residential properties during the week. One was under contract within five days and one of the new listings was an old stale listing refreshed with a new MLS number. During the same week, another 28 previously listed properties went under contract, six of those single family homes.

Condo inventory is down to 216 existing units for sale in our two cities. That's less than the number of units that sold in a three-month period last spring. The same 27 pre-construction units are still offered with no takers since last week. Rounding out the shopping basket, there are 58 single family homes offered for sale, 28 of them waterfront.

The non-winter of 2017 continues to amaze with high 70s and low 80s most days. A wetsuit has not been needed this month for the several days of small, fun surf with surf temps hovering in the 70s.

Truth will always be truth, regardless of lack of understanding, disbelief or ignorance. __W. Clement Stone
Truth will always be truth, regardless of lack of understanding, disbelief or ignorance.
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  1. Love the weekly updates thanks for taking the time to post them. One thing that seems unusual is with such tight inventory and competition for good properties, it doesn't seem like prices are rising as rapidly as that condition would normally suggest. Do you think its the lack of mortgage financing availability that's helping to keep a lid on things?

  2. The rise in prices over the last several years has been steady and seems healthy given supply and demand. Today's buyers are more cautious than those of the mid 2000s and unwilling to push prices too fast. I haven't seen much impact from mortgage availability or lack thereof. Our condo market has always been predominately cash.