Real Estate Market Report
Real Estate Market Report 30A West
This real estate market report on 30A West looks good in some respects and a little shaky in others.
Absorption rate dropped 35.78% to 6.64 months from last February’s 10.34 months, a good sign. Year-to-date we sit at 6.96 months of inventory from 10.5 months in 2015 for a 33.71 decline. This looks good for sellers and propping up prices.
Average list price rose 20.01% in February to $1,020,849 from $850,624 last February up 20.01% while year-to-date the increase is 13.63% to $909,427 from last year’s $800,371. Average sale price is supportive of these asking prices jumping 14.78% year-over-year to $656,360 against $571,836 last year and year-to-date climbed 21.17% to $670,588 from $553,442.
Median list price increased by 6.99% to $587,400 from $549,000 for the month and advanced 10.91% to $554,500 from last year’s $499,950. Median sale price isn’t quite as supportive as the average was climbing in February 6.59% to $485,000 from $455,000 and year-to-date is down 3.59% at $443,500 from last year’s $460,000.
Average days on market rose 34.50% to 231 days from 172 last February and for the year are up 19.78% to 218 days vs. 182 last year. Median days on market is up year-over-year 37.50% or 132 days vs. 96 last year and for the year increased 5.04% to 125 days vs. 119 in 2015.
Other Metrics
Closed sales dropped 28.6% to 25 from last year’s 35 sales in February and year-to-date are down 25% with 48 vs. 64.
Pending sales sit at 34 this February and last year were 44 for a 22.7% reduction while year-to-date tumbled 12.2% to 72 from 82 last year.
Active listings are down 24.9% year-over-year to 229 vs. 305 in 2015 and year-to-date are 337 vs. 408 for a 17.4% decline.
New listings sit at 40 this February and last February were 47 for a 14.9% dip, while year-to-date new listings are 77 vs. last year’s 119 and a 35.3% plunge.
Clearly the decline in new listings are having an impact on inventory because closed sales have also dropped.
Summary Statistics | ||||||
Feb-16 | Feb-15 | % Chg | 2016 YTD | 2015 YTD | % Chg | |
Absorption Rate | 6.64 | 10.34 | -35.78 | 6.96 | 10.5 | -33.71 |
Average List Price | $1,020,849 | $850,624 | 20.01 | $909,427 | $800,371 | 13.63 |
Median List Price | $587,400 | $549,000 | 6.99 | $554,500 | $499,950 | 10.91 |
Average Sale Price | $656,360 | $571,836 | 14.78 | $670,588 | $553,442 | 21.17 |
Median Sale Price | $485,000 | $455,000 | 6.59 | $443,500 | $460,000 | -3.59 |
Average CDOM | 231 | 172 | 34.30 | 218 | 182 | 19.78 |
Median CDOM | 132 | 96 | 37.50 | 125 | 119 | 5.04 |