Watersound Real Estate

Watersound Real Estate Statistics

Watersound Real Estate  is  moderating in sales volume but not pricing first of year 2016. Absorption rate jumped 85.57% to 7.59 months of inventory from 4.09 months February 2015 and for the year is up 87.66% to 7.45 months from 3.97 months last year-to-date.

Average list price has increased 16.03% to $2,150,986 from last year’s $1,853,864. Year-to-date the asking priced is up 9.83% to $2,046,592 from $1,863,472 in 2015. Average sale price exploded into another stratosphere by 97.66% from last year’s $979,693 to $1,936,426 in February 2016. Year-to-date the price is up 81.30% to $1,609,096 vs. $887,556 in 2015 for a 81.30% bump.

Median list price rose 17.55% year-over-year to $1,874,990 for last year’s $1,595,000. Year-to-date the asking price increased 5.59% to $1,729,000 from $1,637,500 in 2015. Median sale price is up a whopping 253.01% year-over-year to $1,710,000 from $484,400 in 2015. Year-to-date, the price is up 242.03% to $1,650,000 from last year’s $482,418.

Average days on market year-to-date is down 78.52% to 29 days from last year’s 135 days.

Other Metrics

The downside of the latest numbers is sales volume which dropped dramatically in February vs. February 2015. Total closed sales this February were 3. We had 13 closed sales in 2015 and this adds up to a 76.9% drop. For the year we have only 7 closed sales compared to 18 in 2015 for a 61.1% decrease. I cannot imagine that prices can continue to escalate to the level currently seen with sales numbers dropping.

Pending sales sit at 2 in February matching that of last year. Year-to-date pending sales are 5, down 28.6% from last year’s 7 pending sales again illustrating that the pipeline isn’t as robust as that of last year which will negatively impact closed sales moving forward.

Active listings are way up 48.3% to 43 from last year’s 29 and for the year 53 vs. 42 in 2015. New listings are 7 vs. last year’s 9 in February and for the year 13 vs. last year’s 15. In total more sellers are coming into play and with closed sales dropping I expect to see a sharp turn in pricing soon.