Inlet Beach Market Report
Inlet Beach Market Report
Inlet Beach market report shows an improvement year-over-year but is down year-to-date in pricing.
Absorption rate dropped 26.62% to 5.51 months from 6.95 months year-over-year and year-to-date is down 13.89% to 5.58 months from last year’s 6.48 months.
Average list price is down year-over-year 7.02% to $1,137,699 vs. a price of $1,223,592 last May and year-to-date is up 13.55% to $1,055,414 against last year’s asking price of $929,469. Average sale price with low volume sales is up 177.65% year-over-year to $900,000 vs. $324,148 last May while year-to-date the price dropped 18.29% to $718,422 against last year’s $879,229.
Median list price grew year-over-year by 21.41% to $825,000 vs. $679,500 while year-to-date we are up 75.39% at $712,000 vs. last year’s price of $405,945. Median sale price year-over-year is also up 177.65% with the same price points as the averages while year-to-date the median is down 56.11% to $340,000 against $774,750 last year.
Average and median days on market is way up in year-over-year by 247.55% at 709 days vs. last year’s 204 days and year-to-date the average rose 13.67% to 158 days vs. 139 days last year. Median days on market year-to-date dropped 58.06% to 52 days against last year’s 124 days.
Inlet Beach Market Report Volume
Market volume was quite low with closed sales on only 1 matching last year’s volume of 1 year-over-year. Year-to-date we have 9 closed sales against 12 last year this time for a 25% decline in total sales volume thus far.
Pending sales are down 66.7% with a total year-over-year of 1 against last year’s 3. Year-to-date we have 5 pending sales against last year’s 24 for a huge 79.2% decline.
Active listings dropped 22.7% year-over-year with 17 against last year’s 22 and year-to-date is down 41.4% with 34 vs 58. Clearly the lack of inventory is hurting sales volume and pending sales.
New listings fell 76.9% year-over-year to 3 against 13 last May and year-to-date is down 48.4% to 16 from 31. Wow, quite a drop in inventory.
Summary Statistics | ||||||
May-16 | May-15 | % Chg | 2016 YTD | 2015 YTD | % Chg | |
Absorption Rate | 5.1 | 6.95 | -26.62 | 5.58 | 6.48 | -13.89 |
Average List Price | $1,137,699 | $1,223,592 | -7.02 | $1,055,414 | $929,469 | 13.55 |
Median List Price | $825,000 | $679,500 | 21.41 | $712,000 | $405,945 | 75.39 |
Average Sale Price | $900,000 | $324,148 | 177.65 | $718,422 | $879,229 | -18.29 |
Median Sale Price | $900,000 | $324,148 | 177.65 | $340,000 | $774,750 | -56.11 |
Average CDOM | 709 | 204 | 247.55 | 158 | 139 | 13.67 |
Median CDOM | 709 | 204 | 247.55 | 52 | 124 | -58.06 |