Friday, February 08, 2013

January Condo Sales

Like single family homes, condo sales were strong in January. A total of 43 MLS-listed units closed in the month is Cocoa Beach and Cape Canaveral. A surprising 44% of those closed sales were distressed, either short or foreclosed. That is not an accurate reflection of the current for sale listings, merely a backlog of formerly-contracted units that happened to close in the month. Only 7% of the 309 active for sale listings this morning are distressed.

Of the 43 closed sales, only three were at prices over $300,000. Two of those were Meridian units, one for $620,000 and a short sale for $515,000. The other was a Shorewood direct ocean 3/3 with 2338 square feet that sold fully furnished for $430,000. Seventeen of the sold units were on the market less than a month, one of the side effects of our low inventory. Sixteen of the closed units sold for less than $100,000. Of those sixteen all but one sold for cash. Two thirds of all 43 sold units were bought with cash.

Take-away: all trends unwavering, low but steady inventory, high percentage of cash sales, rapidly shrinking distressed inventory, high competition and quick contracts for attractive, priced right units, steady to slightly increasing prices.

"I personally believe that U.S. Americans are unable to do so because, uh, some people out there in our nation don't have maps and, uh, I believe that our education like such as in South Africa and, uh, the Iraq everywhere like such as, and, I believe that they should, our education over here in the U.S. should help the U.S., uh, or, uh, should help South Africa and should help the Iraq and the Asian countries, so we will be able to build up our future, for our children." 
__Caitlin Upton, Miss South Carolina Teen 2007