What's Dropping?

Prices aren't the only things dropping in Cocoa Beach. July is the month for juicy beach mangoes. The ones above came from a friend's tree a few blocks from my office.

MLS stats from Cocoa Beach and Cape Canaveral - July 25

Active condos for sale, all prices_________992
___condos over $500,000_______________211

Single family homes, all prices___________145


Condo inventory continues to slowly drop but I expect the numbers to creep up as the currently under-construction developments approach closing and more speculators list their units. Sales activity has been brisk this month in existing under-$400,000 condos, but, I'm still seeing the high-end units languish on the market without much interest. Speculators are feeling some pain in these luxury units.

For an interesting take on 100% mortgages, read Dan Green's recent post.

Thanks for all the emails and comments on the blog. I appreciate them all, even the occassional upturned nose from another realtor. As Elton John said, "Don't Shoot Me I'm Only the Piano Player". Keep those comments coming.

Cocoa Beach 2006 first half stats

The numbers are in for the first half of the year. These are MLS stats and don't include private sales but are reflective of our market as a whole.

Closed sales from Jan. 1 through June 30, 2006
in Cocoa Beach and Cape Canaveral

single-family homes______31
condominiums_________283

The results are not surprising although some activity is eye-opening. Out of the 283 condos sold, only 10 were over $600,000. That should concern the sellers of the 143 units that are currently listed for more than $600,000 and those expecting to list soon [holders of pre-construction contracts in this price range]. Below are the current numbers and closed sales for June. Inventory has stabilized since climbing through 1000 total units the end of May. Sales appear to be holding their own but after digging into the specifics it turns out that 24 of the 53 June condo sales were just-completed new units.

MLS stats from Cocoa Beach and Cape Canaveral

Active condos for sale, all prices_________1021
___condos over $500,000_______________228

Single family homes, all prices___________132

Closed condos in June 2006_______________53
Closed single-family June_________________10

Deals continue to surface as sellers capitulate. My current favorite is an 1800 sq.ft. updated home on a great canal for $499,000. It is on one of my favorite Cocoa Beach cul-de-sacs. My favorite in last week's post, the 3/2 condo at Harbor Isles, went under contract after being dropped to $220,000. If you have any questions or comments about the market, shoot me an email or give me a call at 321.917.5786.