Friday, December 09, 2011
Before 2009 we could always count on seasonal trends in real estate sales in Cocoa Beach and Cape Canaveral. A chart of the years before 2009 shows the same general trend, the year begins slowly but ramps up rapidly into February and peaks somewhere during the spring and then begins a steady decline from mid-summer through the end of the year. That trend has been absent the last three years. We can no longer count on the "spring selling season" or a very slow autumn. The biggest month in the last five and a half years was August 2011. Go figure.
For the month of November 2011 the Cocoa Beach MLS is reporting 49 residential sales in Cocoa Beach and Cape Canaveral, 37 condos and 12 single-family homes. There were only 8 sales below $100,000 largely because there is very little inventory left in that segment of the market. [Interesting tidbit: in 2007 there were only 8 sales the entire year for less than $100,000.] Thirteen of the 37 condo sales were for more than $200,000 with the bright spot being Magnolia Bay in south Cocoa Beach with four closed sales in the month between $340,000 and $450,000.
Only six direct ocean units closed in the month. Lowest price paid was $220,000 for a 4th floor 2/2 Canaveral Sands and highest was $348,000 for a 3rd floor Constellation 3/2. Others included Stonewood, Waters Edge, Ocean Pines and Cocoa Beach Towers.
For sale inventory this morning is 370 condo and townhouse units, 52 asking less than $100,000 and 34 asking more than $500,000. There are 59 single family homes offered for sale in Cocoa beach and 15 in Cape Canaveral. 130 homes have closed so far in the year.
"It is not likely that dullards, even if they make up the majority, will systematically outsmart and enrich themselves at the expense of a minority of bright and energetic individuals." ___Hans-Hermann Hoppe