30A West Real Estate killed it for November 2015! Is it possible buyers are seeing deals on the West end that have relatively evaporated on the typically more pricey East end of 30A? I mean really, at the end of the day 30A is 30A, and anywhere you land on it is pretty darned great. Both sides, East and West have their nuances, advantages, and attractions so obviously you can get anywhere on 30A pretty quickly no matter which end you live on and the life-style remains the same.
The 30A West Numbers
The absorption rate fell by 36.37% for the month of November as compared to last November and year-to-date is down 18.68%, so we have less inventory now than we did last year. This bodes well for sellers and sale prices seem to be supporting it. Average list price year-over-year jumped 16.41% followed by an average sale price increase of 23.24%. Year-to-date the average list price is up 14.43% followed by a year-to-date jump in average sale price of 19.67%. The median list price for November is up 10.26% over last November with a supportive sale price increase of 33.26%. Year-to-date, the median list price is up 10.33% with a 13.41% sale price increase for the year. Sellers are asking for more, and they are getting it. Average days on the market dropped year-over-year by 44.68% and for the year is up 1.16% while median days on the market were down 5.83% for November and up 28.89% for the year. As I prefer median numbers the takeaway would be that it is in fact taking longer to sell listings, but the prices continue to escalate anyway.
Sales volume is up for the month as well as the year! November experienced 31 closed sales to last year’s 27 and for the year we have 387 sales to last year’s 309. This is a great indicator of a strong market! Pending sales are 26 this November to last year’s 26 and for the year 414 to 331 so the closed sales should continue to match or exceed last year’s. Active listings for November 2015 sit at 249 to last year’s 317 and year-to-date are 864 to last year’s 838. New listings for this November are 49 to last year’s 32 and 577 for the year vs. 543 last year. These numbers are pretty close but as the absorption rate shows enough of this year’s inventory has sold to bring down the month’s supply which is good for sellers.
My continued belief is this market has room for growth in both sales volume and price increases albeit slighter appreciation annually because we are flush with cash buyers and the banks simply are not funding unqualified applicants. It’s a real market with real money, and as always, 30A is a paradise that cannot be ignored.
SUMMARY STATISTICS |
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|---|---|---|---|---|---|---|
| Nov-15 | Nov-14 | % Chg | 2015 YTD | 2014 YTD | % Chg | |
| Absorption Rate | 7.15 | 11.22 | -36.27 | 8.88 | 10.92 | -18.68 |
| Average List Price | $980,626 | $842,424 | 16.41 | $823,194 | $719,379 | 14.43 |
| Median List Price | $589,900 | $535,000 | 10.26 | $528,500 | $479,000 | 10.33 |
| Average Sale Price | $737,587 | $598,505 | 23.24 | $671,240 | $560,920 | 19.67 |
| Median Sale Price | $585,000 | $439,000 | 33.26 | $465,000 | $410,000 | 13.41 |
| Average CDOM | 130 | 235 | -44.68 | 175 | 173 | 1.16 |
| Median CDOM | 113 | 120 | -5.83 | 116 | 90 | 28.89 |
