Summer has arrived in Cocoa Beach. Turtles are nesting, baby ducks, ospreys and bunnies all over the place and the sand is hot enough to burn your feet if you walk too slowly down to the water. Inventory in Cocoa Beach and Cape Canaveral is heating up as well. This morning there are 297 condo and townhouse units for sale in the MLS, more than twice the number one year ago. Sales have been slow so far in May with only 16 condos/townhomes going under contract in the first 11 days of the month, while at the same time 30 new listings hit the market. In the last 30 days alone, we've had 81 new condo listings, not good news for the over one hundred listings who've been hoping for a buyer for three months or longer. We typically get a lot of new condo listings after the snowbirds depart so that alone is not a big concern unlike the sharp disparity between sales and new listings.
Summer season will begin in earnest as schools finish for the year and vacationers begin arriving. I will be very interested in how real estate activity plays out through the summer season especially condos. I will keep updating here. Wear sunscreen, seek the shade when you can and stay hydrated.
“Conflating luck and talent is dangerous...The Pareto principle shows that even if competence is evenly distributed, 80% of effects stem from 20% of the causes.” __Scott Galloway
