Sunday, November 22, 2015

Cash. What Is It Good For?

It's time for a statistics trip through the recent Cocoa Beach and Cape Canaveral residential real estate market. The more we know about the current market conditions and trends the better chance we have of being successful in a quest to buy or sell.

Sales have been brisk in 2015 outpacing every year for the last ten although we look to finish the year only slightly ahead of last year's 682 condo units closed. Unless we get an infusion of inventory, unlikely in my opinion, next year could show the first decline in ten years in sold units. Demand remains strong and prices continue to inch upwards.

Looking at the last 90 days of activity as recorded in the MLS, there have been 144 closed condos and townhomes. Another 62 have gone under contract in the same period but have yet to close. Cash remains king for condo purchases with 59% of the sales closing with cash. All sales over a half million dollars were cash. Just over half of the condo listings (74) sold in the first month on the market with a quarter of the total (35) selling in the first week. Dollars per square foot paid for direct ocean units had a wide range with a Meridian penthouse SE corner bringing a whopping $508 per square foot. The median for direct ocean units was $268 per square foot. If using this metric realize that it can have a wide range. Size of unit, condition and parking can account for wide variations. There are 204 condo and townhome units for sale this morning on our MLS.

Single Family Homes
In the same most recent 90 day period, 36 single family homes closed in our two cities. Two thirds of them were financed with a mortgage. Half sold in the first 45 days on the market with eight of those selling the first week. The median price was $408,000. There are currently 54 homes for sale on the MLS.

Karma police, arrest this man
He talks in maths
He buzzes like a fridge
He's like a detuned radio