Real Estate Market Report
Real Estate Market 30A West
The numbers are a bit confusing for 30A West in March but overall the market still looks steady and strong.
Absorption rate is down 30.71% to 6.95 months from 10.03 in March 2015 year-over-year and down 31.73% to 7.08 months from last year’s 10.37 months so inventory continues to be some what of an issue on 30A.
Average list price jumped 24.42% to $1,068,116 from $858,488 in 2015 year-over-year and year-to-date is up 18.11% to $970,758 from $821,880 in 2015. Average sale price failed to follow as it dropped 22.72% to $511,977 from last year’s price of $622,538 and year-to-date is up just 1.82% to $605,568 from $594,750 in 2015.
Median list price rose 12.19% to $595,000 from last year’s $530,356 and year-to-date bumped up 15.80% to $579,000 from $500,000 in 2015. Median sale price unlike the average was more cooperative rising 17.61% year-over-year to $457,500 from last year’s price of $389,000 and year-to-date is up 8.93% to $457,500 from $420,000 in 2015.
Average days on market rose 9.79% to 213 days vs. 194 days in 2015 and year-to-date is up 15.05% at 214 days against 186 days in March 2015. Median days on market however is down 18.62% to 118 days against 145 days in March 2015 and year-over-year fell 8.76% to 125 days vs. 137 days.
Real Estate Market Report Other Metrics
Sold listings fell 17.9% to 32 closed sales against 37 last year in March and year-to-date is down a full 20.4% with 82 sales vs. 103 last year. Wow. Pending sales however are UP 34.1% to 55 vs. 41 last year in March and year-to-date sit 4.1% for the better with 128 vs. 123 so maybe the pipeline is filling and we’ll get back to a positive close sale number.
Active listings this real estate market report are trending way down by 23% at 235 vs. 305 year-over-year and year-to-date dropped 13.8% from 411 to last year’s 477 so obviously this rather than closed sales is why absorption rate has dropped. New listings are just down 1.5% to 67 vs. 68 last year in March and year-to-date dropped 21.8% from 188 in March of 2015 to 147 this March again illustrating that inventory may be low for a while at this rate propping up prices.
Summary Statistics | ||||||
Mar-16 | Mar-15 | % Chg | 2016 YTD | 2015 YTD | % Chg | |
Absorption Rate | 6.95 | 10.03 | -30.71 | 7.08 | 10.37 | -31.73 |
Average List Price | $1,068,116 | $858,488 | 24.42 | $970,758 | $821,880 | 18.11 |
Median List Price | $595,000 | $530,356 | 12.19 | $579,000 | $500,000 | 15.80 |
Average Sale Price | $511,977 | $662,538 | -22.72 | $605,568 | $594,750 | 1.82 |
Median Sale Price | $457,500 | $389,000 | 17.61 | $457,500 | $420,000 | 8.93 |
Average CDOM | 213 | 194 | 9.79 | 214 | 186 | 15.05 |
Median CDOM | 118 | 145 | -18.62 | 125 | 137 | -8.76 |