30A Real Estate West Statistics
30A real estate on the West end continued its inventory drop in January 2016 and now stands at 7 months. This is a 34.40% decrease from last year when the absorption rate was 10.67 months.
The average list price jumped 15.15% year-over-year to $978,832 from last year’s average of $850,080. For the year list price is up 12.57% to $941,770. Average sale price exploded by 25.40% to $666,189 for the year thus far.
The median list price increased 13.60% to $568,000 year-over-year and year-to-date is up 6.17% from last year. Median sale price on the other hand dropped 4.62% to $443,500 from last year’s number of $465,000.
Average days on the market currently sit at 205 days for a bump up of 5.67% while median days on the market for January are 54 from last year’s 123. The median year-to-date is down 5.11% to 130 days.
Prices continue to move upward possibly created by low inventory, but let’s look at the other metrics.
Other Metrics
Sold listings dropped dramatically to 18 from last year’s 29 closings for a 37.9% decrease in sales volume which seems a bit at odds with prices going up. Pending listings were up 7.9% to 41 from last year’s 38 so it looks as though the pipeline is filling for another good year.
Active listings stand at 245 vs. last year’s 306 for a 19.9% tumble while new listings were a paltry 36 in total to last year’s 72 for a 50% slump. Now the story is revealing itself more clearly.
Although sales volume firmly diminished in January vs. last January inventory is at a major low as fewer sellers come to market. One could even say sales volume dropped because there is less to choose from as a result, a problem throughout the country right now. However, pending sales are up so let’s see how this all shakes out moving forward one thing is for sure prices on both the East and West sides do not seem to be abating yet inventory is stagnating to dwindling.
