Wrapping November

The Cocoa Beach and Cape Canaveral MLS is reporting that 30 condo and townhome units were closed in the month of November in the two cities. Median price for the closed units was $350,000 and median time on market was 111 days. Exactly half of the sales were cash deals and only four units closed for over a half million dollars.

For sale inventory in Cocoa Beach and Cape Canaveral has increased to 294 total condo and townhome units. Median time on market for these unsold units is 89 days. There are 47 single family homes listed for sale with a median time on market of 101 days. Twenty of the 47 homes are asking over a million dollars with a high of $3.795 MM for an oceanfront home in south Cocoa Beach. Lowest asking price is $525,000 for a half-duplex in Cocoa Beach. Just five houses closed in November with one closing for over a million dollars. The disparity between what's selling and what's for sale is widening.

This slow pace of activity usually continues through the upcoming holidays and begins to heat up by the end of January. Considering the decimation of snowbird rentals on the Gulf Coast pushing more snowbirds to our area, escalating costs of condo ownership everywhere in Florida and the robust 2024 growth of paper wealth in the condo buyer demographic, this snowbird season looks to be interesting as buyers and sellers are being pulled in opposite directions by powerful economic forces. Will prices hold up or are we due for a reality check? Condos are more expensive to own but the people who typically buy beach condos have just had one of their best years ever in investment growth. I look forward to following the drama as it plays out through April. Look for the play by play here. Happy Holidays all.

"If you don't go, you'll never know." _Jamie O'Brien (too old to be invited to the Pipe Masters)