As of this morning (first posted Feb 7) we have a total inventory of residential properties in Cocoa Beach and Cape Canaveral of 408 properties, 351 of those condos and townhomes. That is up from 346 total on December 28, an increase of almost 18% in five weeks. We haven’t had this much inventory since 2011.
In the most recent 30 day moving averages, properties closed for 91% of their original asking price and were on the market for 106 days. Average time on market of the inventory is dropping as new listings pour onto the MLS. However, in the midst of the flood of new listings, 20% of the current listings have been sitting for over six months. Over 40% of properties for sale today have come on the market just since mid-November. The 81 sellers who have been trying to sell for over six months have watched as 233 other properties around them found a buyer and wondered, “Why not me?” All while inventory continued to climb.
There may be issues with specific properties that explain taking over half a year to sell but in the vast majority of cases, the price is the issue. I would repeat my advice to sellers that now is not the time to play chicken with asking prices. With increasing competition and waning buyer demand, anyone hoping to sell has to accept that the market has changed and what the neighbor got last year is no longer relevant. I can’t predict what the market will do but the direction since early last year has been against sellers. Sticking with last year’s price and hoping for the market to heat back up might be the wrong bet. Fairly priced properties are selling. Over-priced properties are sitting. Sellers have the power to choose which group to be in.
“Market forces have a way of cutting to the chase rather quickly.” _JB Pritzker
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