Seagrove Market Drops a Bit in November 2015

The Seagrove market dropped in November 2015 as both median and average sales prices dropped like a lead weight! That said, sellers failed to catch on as asking prices escalated. This comes with absorption rates dramatically reduced. The year-over-year absorption rate dropped by 51.06% to just 4.86 months while year-to-date it dropped 39.20% to 5.94 months of inventory. This is as low as I’ve seen in a while and you’d think with this low inventory would come higher sale prices. Average list price dropped for the month by 1.35% but is up 22.83% for the year, however, median list price jumped 29.82% compared to last November and is up 16.47% for the year. Average and median sale prices dropped 50.15% and 12.11% respectively in November vs. last but for the year are up 54.79% on average and 17.70% median. We’ll keep an eye on these numbers to see if it’s just a seasonal blip or a trending down. Average days on market year-over-year dropped by 13.40% and are up 30.43% year-to-date while median days on market shot up 66.34% for November but are down 2.33% for the year in the Seagrove market.

 

Closed sales were 2 in November vs. 3 last November and for the year resided at 37 vs. 29 last year for a 27.6% increase. That’s quite material. Pending sales sit at 2 while last year they were 3 and for the year are a dead even 35 with last year’s 35. Active listings are currently 17 vs. last November’s 24, remember the lower inventory thing, with the year’s total of 62 vs. last year’s total at this time of 70 so sellers are sitting tighter. You’d think this might drive prices up, and maybe it will! New listings were 1 this November vs. 4 last November and are 39 for the year vs. last year’s 45 down 13.3%. We shall see if this inventory downward trending means higher prices moving forward or if sale prices continue to drop as they did in November.