Market Report East End
Market Report East End Statistics
Market report East end 30A seems to have teetered just a tad for January year-over-year in regards to sale price while total closed and pending sales volume exploded. List prices continued to rise as inventory slightly increased. Average days on market dropped. It may be possible sellers are negotiating a bit more to move property but we’ll need to see a longer trend to determine if that is the case.
- Absorption rate year-over-year and year-to-date for January is up 2.20% to 7.91 months of inventory vs. last year’s 7.74 months.
- Average list price accelerated by 14.57% year-over-year to $1,664,228 from $1,452,575 and year-to-date rose 15.07% to $1,617,798. Average sale price dropped 18.49% to $897,934 from last January’s $923,863 and year-to-date fell 2.81%.
- Median list price is up 22.58% to $1,075,000 from $877,000 year-over-year and year-to-date grew 13.77% to $1,000,000 from last year’s $879,000. Median sale price has fallen year-over-year by 18.49% to $595,000 from $730,000 and year-to-date is down the same percentage points.
- Average days on market dropped 0.45% to 221 days from 222 while median days on market is up 20.72% to 134 days from 111.
Market Report East End Volume
- Closed sales jumped 34.9% with 58 closings vs. 43.
- Pending sales are up 84.3% with 94 vs. 51 in 2016.
- Active listings rose 5.4% with 605 against 574 last year.
- New listings were down 11.5% with 100 vs. 113.
It is difficult to tell what the drop in sale price means at this point but for a small sample as January is possibly sellers are negotiating a bit more to move their properties considering the huge jump in closed and pending sales. It does seem to be time for prices to begin moderating a bit but with the economy looking strong prices could continue to rise throughout the year.