It's been a busy year for residential real estate in Cocoa Beach and Cape Canaveral although total closed sales are lagging 2022's numbers. Last year we had a total of 684 closed condo units. As of this morning, two days before Christmas 2023, there have been 541 closed condo and townhome sales in the two cities so far in 2023. Inventory stands at 244 units for sale. Median closed price was $370,000 and 61% of the sales were cash deals and 23% of closed units sold in the first 7 days on the market. Median days on market for the current inventory is 70 days.
Single family home sales were robust in the year with 122 homes closed so far. Median sold price was $744,000 and cash buyers represented 40% of the closed sales with 23% sold in the first 7 days on market. Median days on market for the sold properties was 35 days and is 67 days for the current inventory of 29 homes and two pre-construction offerings. Median asking price of the current inventory is $1,2000,000.
Highest price condo to sell this year was a stunning 45 year old, 8th floor direct ocean penthouse at Beach Winds downtown Cocoa Beach that closed for $2 MM. The completely and tastefully remodeled unit had 4560 square feet, 5 bedrooms, 4.5 baths and two garages. Twelve units closed for a million dollars or more in ten different buildings, all but one of them in Cocoa Beach.
Highest selling price for a single family home was $4.2 MM for a two story, six year old, direct ocean home in downtown Cocoa Beach. This 5 bedroom, 4.5 bath beauty sold just three years ago for $2.3 MM. Thirty four homes closed during the year for a million dollars or more with five of those selling for over $2 million. Of the 34, all but two were in Cocoa Beach.
Mortgage rates declined again this week and we are currently over a point lower on the 30 year fixed rate than we were in October. Average national rate for a 30 year fixed this week is 7.06%. Whether this pullback in rates is enough to get undecided buyers off the fence is anyone's guess. Selling prices in several condos have retreated from the peaks earlier this year but a lot of current listings are still asking close to those peak prices with indifference from the market so far. We'll get a sense of what the new year might bring by mid-February when the snowbird season will have cranked up in earnest. The effect on buyers of recent and pending substantial increases in condo fees has yet to be revealed. I will be reporting and commenting on this as those effects become apparent next year.
Best wishes to all for the coming year and hopes for a hearty, happy and drama-free holiday season. Don't forget the Surfing Santas Christmas Eve morning behind Coconuts at the end of Minutemen Cswy. Activities begin at 7:30 and the Santas hit the water en masse at 10. Be there or be square. elDubya out for 2023.
"It appears my hypocrisy knows no bounds." _Val Kilmer in Tombstone
