Even as coronavirus cases explode in Florida, real estate activity remains brisk. A total of 72 condo and townhome units closed in Cocoa Beach and Cape Canaveral in the month of June, almost exactly the number of new cases diagnosed in Cocoa Beach during the month. We stand at 100 cases in Cocoa Beach this morning and another 46 in Cape Canaveral. There were 10 and 2 respectively when I wrote my June 3 post.
Exactly half of the 72 June condo sales were cash deals and half sold in less than 43 days on the market with 20 of them selling in 10 days or less. Median price was $250,000 with only four sales over $500,000. That pace of sales has continued into July with 25 units going under contract since July 1, with sales concentrated in the $150,000 to $400,000 range. Inventory has been stuck at 156 units since late last month. It's easy to see that with 72 units selling in a month and 156 for sale we're going to be out of inventory quickly without a fresh infusion of new listings. As it stands now a large part of existing inventory is the priced-too-high-to-sell listings. They are the last few peanuts left in the bottom of the bowl of mixed nuts at the end of the party. If we add some cashews they'll be gone immediately. If you're looking for a cashew of a condo you better have an agent who knows this market and can react quickly when the cashew hits the bowl.
Prices for oceanfront condo units are higher across the board than I can remember seeing them. Of the nine sold east facing units above the ground floor with garages the average selling price per square foot was $317. Three exceptional side view units commanded over $280 per foot, one Sandcastles weekly rental north side unit going for $337 a foot. This is a result of more demand than supply.
Single family home sales have been strong also with 16 homes closing in June in our two cities, median price $525,000. Seven of the 16 were cash deals and half were on the market for 36 days or less. Inventory of single family homes this morning stands at 40, less than three month's supply. Three quarters have been on the market longer than a month with four over a year. We know what that likely means; overpriced.
Reluctance to travel has made property shopping difficult for out of town buyers. Typically with clients that trust me, if I find and look at a property that checks all the boxes, we could hammer out a deal with a long enough inspection period for the buyer to get here to personally inspect the property. With reduced flights and the exposures of air travel that strategy is not working except for those close enough to drive or those willing to fly during a pandemic.
"You can't reason someone out of a position they didn't reason themselves into." __unknown