Market Report East 30A Continues to Impress!
Well, 2016 is now behind us so let’s take a look at the real estate numbers and see just how this market is shaking out heading into 2017.
As you know, real estate is local and just because one market is rising doesn’t mean all are. As a matter of fact, even in our microcosmic market of the Florida Panhandle numbers can be very disparate even in adjacent communities. For example, 30A has been rising for 3-4 years while the Destin area started much later and still is not as strong. Same with Panama City Beach. As you can see in the graph below, 30A East turned in a very strong performance for the year, and in my mind numbers that are sustainable in the foreseeable future especially when considering the perception of the positive direction for U.S. economics and certain changes being made along with low interest rates. So let’s take a look at those real estate numbers for 2016.
Market Report East 30A
Absorption rate (inventory) rose year-over-year by 7.30% and year-to-date by 2.80% so it seems enough sellers are coming to the market but not in droves, a good thing. Unlike the mid-2000 this is a market of normal ebb and flow and most buy a home here because they love it, not to flip.
Average list price year-over-year is up 7.83% to $1,627,724 vs. last December’s $1,509,563 and year-to-date rose 14.40% to $1,365,965 against last year’s $1,193,997. The average sale price supported those increases by jumping year-over-year by 21.58% to $993,360 vs. $817,012 and year-to-date climbed 9.32% to $1,046,019 vs. last year’s price of $956,824.
Median list price grew by 14.42% to $1,075,000 vs. last December’s price of $939,500 and year-to-date rose 13.97% to $869,000 against $762,500. The median sale price was also cooperative exploding by 45.55% year-over-year to $830,000 vs. $570,250 last December. Year-over-year the jump was more moderate (thank goodness) rising by 9.31% to $710,000 against $649,500.
Average days on the market ascended year-over-year by 17.95% but for the year in total dropped 16.09% to 146 days from 174 days so we were well under a 6-month period of market exposure.
Median days on the market rose 63.64% year-over-year to 90 days vs. 55 but again year-to-date dropped 4.76% to 80 days vs. 84.
Sold listings for the month of December dropped 27.2% with 59 closed sales against last December’s 81, however, for the year we are up by 2.7% with a total of 914 sales vs. last year’s final tally of 890. Another good increase but not so much as to scream market bubble or even close.
Pending sales boomed for the month of December going up 28.9% with 58 vs. 45 last December and for the year is up 0.8% with 927 against 920. This bodes well for a good start to 2017!
Active listings rose 13.9% year-over-year and year-to-date are up 7.3 so sellers are certainly supplying the market with inventory but not overly.
New listings for December were up 13.5% and for the year rose 8.3%.
Things continue to look good and point towards continuing strength in the 30A East market and why not? We still have the nicest beaches, great weather, and interesting and varied architecture along various beach communities that offer everyone’s taste something of interest generally. It’s a great place to be!
We seem to have put the dog days of the mid-2000s behind us and in the worst case, I believe the market will simply moderate a bit here and there but not much if at all, and not go backward as there just isn’t any reason it should.
