Halftime Already

In the 21 years that I’ve been recording MLS data for Cocoa Beach and Cape Canaveral there has only been one year with a June that had fewer closed sales than 2025. That was 2008 with the Great Recession in full swing. This year with a so-far unnamed economic calamity ongoing we managed to squeak out four more condo sales (41) than we did in June 2008 (37). Our condo inventory that year averaged right around 800 units for sale most of the year while currently we have an eight month supply with an inventory of 335 units for sale. That number has been steadily decreasing since peaking just over 400 units a couple of months ago. The reasons for the contraction in inventory are unclear but seem to largely be a combo of defeated sellers withdrawing their listings and would-be sellers deciding to wait for a better market in which to list.

While the condo market meanders the single family home market remains robust with 13 closed sales during June with a median time on market of 73 days. Slightly less than half (6) of the thirteen home sales were cash deals compared to 70% of the sold condos going for cash. There are currently 61 homes for sale in the two cities with a median asking price of $899,000 and a median time on the market of 105 days. That gives us less than a five month supply at the current sales rate. The disparity between days on market for the sold homes versus the homes for sale suggests that overpricing is still an issue for much of the inventory. Sales may be slow but some sellers are being successful. Prospective sellers should be watching and learning from those who have found buyers.

The City of Cocoa Beach is celebrating its Centennial birthday this July 4th with lots of stuff happening downtown over the weekend. Hot Pink will be playing the street party Saturday night (July 5) with the usual mix of food trucks and other vendors and we are being promised a drone show. Could be a fun evening. In addition to the Centennial goings-on there are lots of new restaurants and watering holes to explore downtown for those who haven’t strolled around recently. It’s worth a visit.

P.S.A. Do not park in the funeral home parking lot at the corner of Brevard Ave. and N. 1st St. unless visiting the funeral home. After years of allowing public parking the lot is now closed and patrolled. There was a massive towing event Friday and Saturday nights this week with multiple tow trucks towing multiple cars. People who were used to parking there while enjoying a meal and/or night out downtown returned to their cars this weekend to find them towed away to an impound lot presumably somewhere on the mainland. This is probably due to the persistent piles of trash in the lot every morning, especially heavy on weekends, left by some of those enjoying the convenient free parking. Now it's over for everyone, responsible citizens and otherwise. FAFO.

“Mmmm. Oh wow.” _Mark Wiens