Sunday, December 30, 2012

That's a wrap

Thought I'd do our December wrap-up a little early as I'm heading out on a boys' adventure in the islands very soon. As most of you already know, 2012 was a record-breaking year for real estate sales in Cocoa Beach and Cape Canaveral. We exceeded the number of sales for every year since 2005 as we continued the upward trend that began in 2009 after hitting our lowest number of sales ever in 2008. The major contributing factor for the strong sales was price. With prices stabilizing at their lowest since the decline began in 2007 and inventory rapidly shrinking, potential buyers were motivated to act by that confluence. As of this morning, December 30, 2012, 606 MLS listed condos and townhomes and 115 single family homes have closed in Cocoa Beach and Cape Canaveral during the year. One quarter of those sales were distressed, either short sales or foreclosures. For sale inventory this morning stands at 311 condos and 46 single family homes, less than half of the total number of sales in 2012. Of these active listings, 12% are distressed. This significant change in dynamics suggests two things for 2013, less total sales and rising prices.

Condo sales so far in December indicate rising prices in a few complexes. Examples:

Ocean Pines 6th floor SE corner 3/2 with 1702 square feet that closed for $405,000 or $238/sq ft.
Sandcastles 3rd floor direct 2/2 with 1286 sq ft closed for $300,000 or $233.28/sq ft.
A 4th floor south facing Mystic Vistas C bldg 3/2 with 1686 sq ft closed for $290,000.
A north facing 6th floor Windrush 2/2 Sand Dollar with 1517 sq ft closed for $265,000.
A 2nd floor direct ocean Royale Towers 1/1 with 888 sq ft closed for $158,000.

We will likely see a large number of units closing tomorrow, the last day of the year. I will do a more comprehensive 2012 wrap up in a few days when all the numbers are in and the closed listings are finalized. I hope everyone had a happy 2012 and that 2013 is happy and prosperous for us all. Happy New Year.

“Life is pretty simple: You do some stuff. Most fails. Some works.
You do more of what works. If it works big, others quickly copy it.
Then you do something else. The trick is the doing something else.”
_____Leonardo da Vinci