Tuesday, July 18, 2017
Running to Stay in Place
Another year already half gone. Despite the tight inventory of properties for sale in Cocoa Beach and Cape Canaveral, the first half of July has been strong. Forty two condos and townhouses have gone under contract in the first 14 days of the month, a quarter of those on the market less than two weeks. Activity was spread across all prices with the median at $225,000. During the same two weeks, eight single family homes were successful in getting a contract.
As of this morning there are 69 single family homes on offer in the two cities at prices between $3 MM and $274,900 with a median of $530,000. Inventory of existing condos for sale has declined to another all-time low of 190 total units offered at prices between $1.45 MM and $79,751. At the current sales rate, that is a 64 day supply.
While prices are responding to the tight supply by continuing upward, many of the current listings are overpriced. Whether buying or selling, knowledge of fair current value goes a long way towards securing a contract.
Enjoy the vacation. I am.
"There is a tide in the affairs of men, which taken at the flood, leads on to fortune. Omitted, all the voyage of their life is bound in shallows and in miseries. On such a full sea are we now afloat." __William Shakespeare