Cocoa Beach and Cape Canaveral, where we are and where we've been.
Data from the Cocoa Beach MLS.
Condominium units for sale
June 2012 - 277 - down 50% from 556 units in June 2010
Pending sales - a whopping 136
Distressed condo listings as a percent
June 2012 - 13% - down from 56% of all condo sales in 2010
Months supply * - at most recent month's sales rate
June 2012 - 4.2 months - down from 10.9 months in June 2010
* this does not include pending sales
Single family homes June 2012
For sale - 46
Distressed - 1
Months supply - 3.3
Pending sales - 25
The high number of pending sales is due in part to the large number of previously contracted distressed sales working through the longer than normal contract to closing period. Over half of the pending sales are distressed. The rate of condo units going under contract was almost exactly the closing rate in the most recent month. That rate is holding steady with 43 condo units getting accepted contracts so far in June. The writing is plainly on the wall. Barring divine intervention during the summer the piper will be demanding his check by Labor Day. Might be time for local Realtors to be planning an extended fall vacation.
"You can deny reality; but, you cannot deny the consequences of denying reality." ___Ayn Rand
So----is this the absolute bottom? IowaBoy
ReplyDeleteAre you talking about the overall market or about a specific property type or condo complex? As I'm fond of saying, you don't buy the market. Does no good to perfectly time the market bottom if you're buying one property whose low point either preceded or lagged the "market" bottom or if that property is not for sale at the bottom.
ReplyDeleteMystic Vistas bottomed two years ago. One bedroom Royal Mansion units appear to have bottomed last year. Sandcastles looks to have bottomed as does Magnolia Bay and some others. Different dynamics mean different times for the absolute price bottom in each complex. In most condo complexes only one buyer will get the absolute lowest price.
I think the most realistic goal prospective buyers can have is to buy somewhere around the bottom. The stats tell me that if buying real estate in Cocoa Beach were horseshoes that buying right now would be a scoring throw.