Watercolor Real Estate
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.
|Nov-15||Nov-14||% Chg||2015 YTD||2014 YTD||% Chg|
|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|