Tuesday, July 25, 2023

Rising Tide of Inventory

Inventory of homes and condos for sale in Cocoa Beach and Cape Canaveral continues to increase. There are a total of 176 condos and townhomes and thirty single family homes for sale in the two cities. The median days on market for the current inventory of condos is at two months. Considering that over 80% of the condos closed so far in July sold in the first four weeks on market it seems that the majority of the current inventory is probably overpriced. There is less indication of widespread overpricing among single family homes with median days on market of current inventory at 39 days. 

Cash continues to dominate the condo market with 70% of the closed condo sales in July going for cash. I expect the over-priced listings to continue to languish while fairly priced new listings pick off the buyers. Anyone with a condo listing older than four weeks is advised to look at recently sold prices of comparable units and to adjust their expectations and asking price accordingly. Buyer mania has cooled and hoping to set a record selling price is not producing results for those who are still trying except for those few with extraordinary properties. Realistically priced units are selling.

"I would exercise caution with pre-construction condos and be aggressive (low) with offers. We have shifted from a seller's market to a buyer's market in high-end condos in a very short time." __Larry - March 4, 2005