Sandestin & Miramar Real Estate
Sandestin & Miramar Real Estate did very well in January with the absorption rate dropping and prices escalating.
Absorption rate dropped from 11.42 months the previous year this time to 8.89% for a 22.15% decline in inventory. This is still high and indicates a buyer’s market with opportunities to negotiate with sellers.
Average list price jumped 13.13% from last January to $650,741 from $575,218 in 2015. Year-to-date that number is up to $633,220 from last year’s value of $568,215 for an 11.44% bump. Average sale price was even better and supportive of these escalations in asking price with a 31.51% rise in year-over-year sale price to $514,318 from 2015’s average sale price of of$391,081. This is pretty incredible!
Median list price escalated 10.01% year-over-year to $429,000 from last year’s $389,950 and year-to-date jumped 9.25% to $425,000 from last year’s $389,000. Median sale price was a mirror image with a 10% rise to $357,500 from last year’s price of $325,000. The median takes out the extreme highs and lows by merging with the middle so this is a good indicator of where the market is in general I believe.
Average days on the market went up 43.27% year-over-year to 245 days vs. last year’s 171 and the median is down 7.27% to 102 days.
Other Metrics
Closed sales for the month were 50 vs. last year’s 59 for a 15.3% decline in volume while pending sales were 69 vs. 76 in 2015 for a 9.2% drop.
Active listings in January 2016 are 709 vs. last year’s 782 year-over-year and year-to-date sit at 830 this year and 906 in 2015 for a 8.4% decline. New listings dropped 3.5% to 109 vs. last year’s 113.
Although sales have dropped off slightly active and new listings have also declined so this is why the absorption rate has also dropped as inventory is starting to shed. It will be interesting to see how the market looks next month.
SUMMARY STATISTICS |
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|---|---|---|---|---|---|---|
| Jan-16 | Jan-15 | % Chg | 2016 YTD | 2015 YTD | % Chg | |
| Absorption Rate | 8.89 | 11.42 | -22.15 | 8.89 | 11.42 | -22.15 |
| Average List Price | $650,741 | $575,218 | 13.13 | $633,220 | $568,215 | 11.44 |
| Median List Price | $429,000 | $389,950 | 10.01 | $425,000 | $389,000 | 9.25 |
| Average Sale Price | $514,318 | $391,081 | 31.51 | $514,318 | $391,081 | 31.51 |
| Median Sale Price | $357,500 | $325,000 | 10 | $357,500 | $325,000 | 10.00 |
| Average CDOM | 245 | 171 | 43.27 | 245 | 171 | 43.27 |
| Median CDOM | 102 | 110 | -7.27 | 114 | 125 | -8.80 |
