Saturday, June 13, 2020
Eight Weeks To Zero
Real estate activity in Cocoa Beach and Cape Canaveral has been brisk even as inventory continues to shrink. Since June 1 ten homes and 42 condo units have gone under contract. As of this morning there are only 47 existing single family homes and 170 existing condo and townhome units for sale on the MLS in our two cities. Compare that to the 1200 condo units for sale in May of 2006 at the peak of the pre-crash mania. At the rate condos are selling our existing meager inventory will be gone in eight weeks. All price ranges are active with the bulk of activity for condos in sub-$300,000 units. Homes are equally divided with half of the ten contracts under $400,000 and half over.
Florida continues to set records of another kind with coronavirus case growth. There is controversy over how cases are counted with some saying cases are being overstated and others saying the opposite. Testing has decreased from 36,740 average daily tests three weeks ago to 23,948 this week. Whatever the truth, we are wide open, people are out and about and Florida's reported three day moving average of new cases has tripled in two weeks to 1657 daily new cases as of yesterday.  One day after I wrote this the 3 day moving average surged to 2075.] I'm hoping that's overstated but the hospitalization rate doesn't support that narrative. As a high-risk individual I appreciate the efforts of everyone wearing masks and observing distancing. Your mask might save my life. Thanks.
Ed Yong from The Atlantic