Watercolor Real Estate And Market Report November 2015

Other than average sale price year-over-year, Watercolor continues to kill it proving it’s a popular second home destination for buyers. Absorption rate increased just a bit year-over-year by 5.98% and 7.21% year-to-date meaning we have more months of inventory to sell but ever so slightly indicated sellers are picking up the pace with new listings. Average list price exploded 26.16% in November vs. last November and sits at 17.56% up for the year. The November average sale price did not support this jump, however, decreasing by 7.11%. That said, the year-to-date increase in average sale price remains a hefty 24.68%. The median list price also is up for November by 14.34% mirrored by a 15.01% increase for the year. Unlike the average price, median is completely supported by an increase this November vs. last November by 22.95% and year-to-date is up 21.90%. As the median takes out the extreme highs and lows this number is often a better indicator of the true market. Both list and sale prices tend to be up in Watercolor as both average and median days on the market are also up dramatically by 40.00% and 29.90% year-to-date respectively so this means although sale prices continue to escalate it is taking longer to sell these listings. You might think this would indicate a stronger position for buyer negotiations but so far sale price points don’t support that notion.

 

Closed sales for November were 8 vs. 6 last year but are down for the year by 14.2% standing at a total of 97 closed sales for the year vs. last year’s 113. Pending sales in November were 8 vs. last year’s 8 and for the year are down by 8% with a total of 97 vs. last year’s 101 so it’s close but overall closed sales volume is down a bit. Active listings currently reside at 89 and last year this time were 95. For the year active listings are a total of 217 vs. 223 last year. Again, it’s close. New listings in November were 7 vs. 8 last year in November and year-to-date are 139 exactly matching last year’s 139. These totals support a steady market not slanted towards either seller or buyer so I’m a bit surprised at the continued double-digit median sales price upswing but being in a luxury home market buyers often tend to act differently than in a normal market.