Market Report December 2016 West 30A Continues to Trend Upwards

Market Report December 2016 West 30A Continues to Trend Upwards

30A West Statistics

Market report for the West end was steady in 2016 if not overly robust as was the East. Really, the only statistic that looks a bit shaky is the average sale price which dropped from 2015 yet the median took up the slack rising heavily in December against last December and with moderate gains for the year. Inventory is down from 2015 as are days on the market so the property is moving faster. Closed sales zoomed for the month of December yet were down just a bit for the year as were pending sales but the numbers are pretty close to 2015 year-to-date. Listings were pretty even from 2015 to 2016 so sellers are not coming to market in droves, a good indicator of health. All in all 30A West even though not the higher prices in general of the East end is a steady and healthy market.

The absorption rate declined year-over-year by 0.62% to 8.01 months of inventory and year-to-date dropped by 12.95% to 8 months. In a luxury second home market, 8 months of inventory is relatively normal.

The average list price exploded year-over-year by 48.55% to $1,341,961 from $903,347 and year-to-date jumped 16.16% to $955,060 from $822,197.

Average market report sale price did not track those list prices however dropping year-over-year 34.85% to $599,966 from last December’s $920,833 and year-to-date fell 2.60% to $671,548 from $689,444.

The median list price rose 27.06% to $689,000 from last December’s $542,250 and for the year ended up 7.82% at $560,000 against $519,400 in the previous year.

Median sale price followed suit going up year-over-year by $26.58% to $475,000 from $375,250 and year-to-date climbed 2.12% to $472,319 from $462,500.

Average days on the market dropped 19.74% to 122 days year-over-year and year-to-date ended 4.05% lower than in 2015 at 166 days.

Median days on the market fell by 35.29% to 66 days and year-to-date ended down 25% at 87 days.

Market Report Volume

Closed sales ended up 15.6% for the month of December with 37 against last December’s 32 yet for the year dropped 5% with 399 vs. 420 in 2015.
Pending sales were down year-over-year by 8.7% with 21 vs. 23 last December and year-to-date fell 1.2% with 423 total vs. 428 last year.

Active listings fell 7.4% with 263 in December vs. 284 last December and for the year dropped 3.7% with 875 against 909.
New listings rose 10.7% year-over-year with 31 vs. 28 last December and year-to-date fell 3.1% with 601 vs. 620.

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