We crossed a threshold this week with 574 closed condos and townhomes in Cocoa Beach and Cape Canaveral so far in 2012. That is the highest number of closed sales for any year since 2005, which was the biggest year in history with 805 closed condos. With just 17 shopping days until Christmas I thought it would be a good time to calculate the burn rate again. Speaking of shopping days, does that term even apply in 2012 with most stores open seven days a week and online shopping always available? On the subject at hand, I have figured these burn rates in Cocoa Beach and Cape Canaveral using the MLS for sale inventory this morning December 8, 2012 and the monthly average sales using sold numbers for the most recent completed three month period, September, October and November 2012.
Condos and townhouses
All prices - 290 units for sale - selling 17% of supply per month.
Under $200,000 - 123 units for sale - selling 27% of inventory every month.
$200,000 to $400,000 - 118 units for sale - selling 9% a month.
Over $500,000 - 33 for sale - selling 5% per month.
While inventory in the lower price ranges is drying up, the high end still has a healthy supply although down drastically in the last year and a half. There are 117 pending condo sales, none over $425,000. Hopefully, new listing activity will increase soon to take up the slack. Distressed sales are still at 11% of the total supply.
Total single family home inventory stands at 50 today. That's a 6 month supply at the current sales rate. As in 2011, the lower price ranges are the most active with but a 3 month supply of sub-$200,000 houses for sale about the same as in 2011. There are 16 pending home sales on the books right now.
The Cocoa Beach Christmas Parade is today in downtown CB beginning at 2 PM. Bring the kids, the dog and lawn chairs and enjoy this small town tradition and visit with friends. The route will be south on A1A from the Kelly Slater statue down around City Hall and back up Brevard Ave.