Watercolor Real Estate
Watercolor Statistics
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 true market. Both list and sale prices tend to be up in Watercolor as both average and median days on 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 at 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.
Summary Statistics | ||||||
Nov-15 | Nov-14 | % Chg | 2015 YTD | 2014 YTD | % Chg | |
Absorption Rate | 8.86 | 8.36 | 5.98 | 9.66 | 9.01 | 7.21 |
Average List Price | $2,006,215 | $1,590,255 | 26.16 | $1,749,603 | $1,488,321 | 17.56 |
Median List Price | $1,595,000 | $1,395,000 | 14.34 | $1,495,000 | $1,299,900 | 15.01 |
Average Sale Price | $1,337,063 | $1,439,417 | -7.11 | $1,470,510 | $1,179,461 | 24.68 |
Median Sale Price | $1,352,500 | $1,100,000 | 22.95 | $1,280,000 | $1,050,000 | 21.90 |
Average CDOM | 240 | 135 | 77.78 | 238 | 170 | 40.00 |
Median CDOM | 270 | 137 | 97.08 | 126 | 97 | 29.90 |