Saturday, January 27, 2007

Under the Hood of the MLS

As of this morning, January 28, we've had a total of 16 MLS-listed condos and townhomes closed since Jan. 1 in Cocoa Beach and Cape Canaveral. Prompted by the national and Florida housing sales numbers for 2006 that were reported this week, I decided to dig a little deeper into our data for numbers that I don't usually track. Since many sold listings are not the original listing, I had to get under the hood of the system to get original asking price and date. These numbers are more accurate than those pulled straight from the surface of the MLS.

Average Days on Market__247
( longest, 495 days and shortest, 1 day)

Average Percentage of Original Asking Price__83%

( lowest, 70% and highest, 100%)

Median Price__$274,900
Average Price__$324,000
(skewed high by one $867,000 sale)

Active For Sale
single family homes_____153 ( 59 over $500,000)
condos & townhomes___1050 (200 over $500,000)

Using sales from the last 90 days, our selling rate for condos is just under one per day for all prices. Selling rate for over $500,000 condos is three per month and single-family homes are moving at a rate equal to 28 per year. I noticed in the data that a few sales were for less than the previous purchase price, in one case below the 2004 purchase price. I would suggest that you question everything you hear about the real estate market and distrust all reported statistics. Mine are somewhat more reliable than the mainstream media because I scrub the numbers but my conclusions are only as accurate as the data I have to work with, the MLS. My object is to provide as much information as possible so that those of you making real estate decisions in Cocoa Beach and Cape Canaveral can better understand our market dynamics. The market continues to change and I hear lots of misguided opinions being stated as fact, especially from within the real estate industry. I'll repeat; Knowledge is power. Email me with any questions or comments on our market.

Monday, January 15, 2007

I blinked.

I must have blinked when winter happened. It's another balmy January day that feels like May and I'm still waiting for that day when I'll have to trade the flip flops for shoes. It just hasn't happened yet. In the first half of January 07 (through this morning the 15th) we have had 15 MLS-listed residential properties reported as contracted in Cocoa Beach and Cape Canaveral. That leaves 1165 still actively for sale. The breakdown is as follows:


single family homes______151 ( 57 over $500,000)
condos & townhomes___1014
(199 over $500,000)

The construction of the first phase of The Enclave pictured above is well under way. This development takes an entire city block between 3rd and 4th Streets South and north and southbound A1A. The first phase will consist of 12 of the planned 24 single-family residences. These 12 units are being offered for over $1,000,000 each and several are reportedly sold. It is interesting to note that none of these homes are waterfront and that last year only 5 homes sold in Cocoa Beach (according to the Brevard County Property Appraiser) for over $1,000,000, all of them waterfront, 3 on the ocean and 2 on the river. The other 9 Cocoa Beach single-family homes on the MLS this morning offered for more than $1,000,000 are all on the water. I haven't researched tax records beyond 2 previous years but it appears that these will be the first million-dollar-plus non-waterfront homes ever sold in Cocoa Beach. I look forward to rest of this story.

One of my favorite current offerings (photo of the boat slip above) is a big 2/2 condo 4 blocks from the beach in downtown Cocoa Beach with a garage and boat slip, just reduced to $249,500. Boat slips are becoming increasingly more valuable as the numbers reduce with stricter environmental regulations. This particular unit is priced below similar units in other complexes without boat slips.

One last note for seafood lovers; If you find yourself at Port Canaveral, you must stop by The Redhead and order the oyster shooters. For $6.99 ($5 at happy hour) you will receive 6 shot glasses, each containing 2 plump Blue Point oysters topped with a delicious red sauce and a dash of horse radish. Enjoy these sitting on the back deck watching fishing boats, cruise ships and dolphins. You'll thank me.