30A East closed the year with somewhat of a whimper regarding appreciation after successive year-over-year price drops yet coupled with an impressive double-digit sales volume bump.
The absorption rate dropped 16.87% for December and 15.20% for the year so clearly there is less inventory to choose from moving into 2016. It will be interesting to see if more sellers come forward in these market conditions where properties are in fact selling albeit at a moderate price increase from last year.
The average list price is substantially up 26.89% year-over-year (YOY) and 9.19% year-to-date (YTD) but these bumps are not substantiated by the actual sale price average as the YOY number dropped by 21.81% in December. However, the average sale price is up by 7.09% YTD which frankly isn’t a bad number at all. I’d rather see the sustainability of price increases that are smaller than bubbles that burst any day. The median list price was up YOY 14.05% in December and 2.55% for the year but again was not supported by the actual median sale price which was down 14.26% YOY and 1.47% for the year. As I like median better than average anyway the trend here seems to be that although sellers are pushing the envelope a bit with pricing, buyers are pushing back with what they will pay.
Average days on the market dropped like a lead weight by 46.72% YOY but a paltry 1.15% for the year while median days on the market fell by 31.33% YOY and is up for the year by 3.61%. Overall these numbers indicate that generally properties sold about as fast this year as they did last year and I think this is a good thing as last year was pretty good. This might also be due to some sellers being more realistic and agreeing to a lower negotiated price with buyers as the aforementioned average and median sale price vs. list price numbers seem to indicate.
Other 30A East Metrics
In my opinion, the best news is that sales volume for the year is up by 10.6%. As long as we can maintain an average and/or median sale price increase in the mid to high single digits annually and keep the volume up in the high single or double digits this is a good market. Pending sales are up by 8.2% at year-end so it seems the pipeline is prepared to support this trend at least for now.
Active and new listings are up 1.1% and 2.5% for the year respectively so it does not seem sellers are rushing for the hills to unload their property, and why would they be in such a beautiful place?
All of this indicates a steady, strong market with no major turbulence keeping prices “affordable” relative to the second home luxury market 30A.
SUMMARY STATISTICS |
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|---|---|---|---|---|---|---|
| Dec-15 | Dec-14 | % Chg | 2015 YTD | 2014 YTD | % Chg | |
| Absorption Rate | 6.95 | 8.36 | -16.87 | 7.98 | 9.41 | -15.20 |
| Average List Price | $1,589,497 | $1,252,674 | 26.89 | $1,210,898 | $1,108,938 | 9.19 |
| Median List Price | $995,000 | $872,450 | 14.05 | $774,238 | $755,000 | 2.55 |
| Average Sale Price | $868,020 | $1,110,135 | -21.81 | $964,574 | $900,752 | 7.09 |
| Median Sale Price | $625,000 | $728,930 | -14.26 | $650,250 | $659,950 | -1.47 |
| Average CDOM | 122 | 229 | -46.72 | 172 | 174 | -1.15 |
| Median CDOM | 57 | 83 | -31.33 | 86 | 83 | 3.61 |
