30A East Real Estate
Let the good times roll! 30A East real estate continues to crush it across the board. And why not? Other than energy companies most are doing well especially those at the top……..and they need somewhere to put the extra cash other than the stock market. Why not 30A East real estate? It rents well. Typically appreciates over time; in this case a short period of time. And best of all you can use it unlike a stock or bond.
Absorption rate fell to just 7.09 months dropping by 12.25% in January compared to last January and is the same for the year thus far of course with only one month in our back pockets. Average days on market was the outlier for this month increasing substantially by 102.36% to 257 days while the median jumped 125.81% to 140 days year-over-year and sits at 173 days for the year. This is just under six months to sell so not that bad in the normal course of real estate sales timelines.
Now the really good stuff; pricing. Average list price in January went up 21.02% to $1,541,111 from last year’s January number of $1,273,458. Average sale price didn’t disappoint relatively growing by 16.57% to $1,014,665. Obviously there is a big disconnect here in price point but the percentages are looking good for owners.
Median list price rose 8.84% to $925,000 in January 2016 while median sale price escalated 9.45% to $738,500.
Sold listings dropped from 50 last January to 32 this January while pending listings dropped to 54 from 84. THAT is major! If this continues I suspect prices would moderate dramatically.
Active listings reside at 522 in January vs. last year’s 533 and new listings were 101 vs. last year’s 115. If we continue having a marked drop in new listings this should bode well for supporting higher prices with less inventory but if volume sales continues to drop dramatically this could damper the mood a bit and hold pricing stable. 30A is an odd ball market though and hard to put a finger on as homes in the same neighborhood can be dramatically different. Buyers usually buy here simply because they love it and want a home on 30A.
|Jan-16||Jan-15||% Chg||2016 YTD||2015 YTD||% Chg|
|Average List Price||$1,541,111||$1,273,485||21.02||$1,482,446||$1,224,918||21.02|
|Median List Price||$925,000||$849,900||8.84||$899,900||$815,000||10.42|
|Average Sale Price||$1,014,665||$870,449||16.57||$1,014,665||$870,449||16.57|
|Median Sale Price||$738,500||$674,750||9.45||$738,500||$674,750||9.45|