Good news this week as mortgage rates dropped slightly. Freddie Mac’s Thursday survey reports a national average of 5.93% for 30 year fixed rate and 5.48% for 15 year fixed. Activity in the Cocoa Beach and Cape Canaveral market continues to be dominated by increasing inventory and slowing sales. According to our MLS, there were 135 new condo listings in the last 14 days with 36 units contracted in the same time period. There were 21 new single-family home listings with 6 contracts in the period.
ACTIVE LISTINGS TODAY
Condos all prices_____428
-Over $500,000______135
Single family homes___57
-Over $500,000_______34
The obvious trend in these numbers is increasing supply. If you’re purchasing, you have more power to negotiate than you did a few months ago. I expect this trend to continue as pre-construction speculators are forced to close on contracts that they had hoped to flip. The upside is that there are bargains to be had now and in the months to come. If you want to receive alerts of new properties as they are listed, email me at larry@southcocoabeach.com
