You've got 30A real estate questions. At Live 30A Real Estate, we've got the key data and high-powered Realtors you need to master the 30A real estate market and make great buying and selling decisions.
Over the past 90-120 days, the real estate market in the US has been responding to interest rate hikes and FED efforts to curb inflation, as we've seen the market react, you may be asking yourself the questions: What's going on in the real estate market? Is the market starting to crash? Is it too late to sell? Should I wait to buy?
All great questions, and here's the data and insights to help you get a better understanding on the 30A Real Estate Residential Market
Key Indicators: Number of homes sold year over year & absorption rate
These are important factors because they provide us a metric to gauge the real estate market's rate of sales vs previous time periods... i.e. - how long it may take you to sell the home, and what direction the market is heading.
Number of homes sold in August this year vs. last year: 116 vs 172 (down 32.6%)
Absorption rate: 3.3 months (This is up from the historically low 1-2 months over the past 18 months. And well below the "normal" market metric of 6-9 months before Covid)
What this means & interpreting the data: As the market shifts from an extreme buyer market to a more "normal" buyer market, we are seeing monthly sales numbers calm down to a more normalized 100-150 sales per month vs. 175-300 per month that we've grown accustomed to since mid 2020.
Key Indicators: Number of new listings entering the market & active listings on market
Number of new listings that came on the market August 2022 vs last year : 162 vs 224 (down 27.7%)
Number of active listings on the market on 30A August 2022: 540 (Up 27% from August 2021 and about 55% of the market in August 2019)
What this tells me: The number of listings entering the market is not increasing at a large rate, but normally - and sales are slowing to a more "normal" pre-covid pandemic cadence. For perspective, the market would have to bring on 400 more listings with 0 sales before we reached the point in inventory we had in August 2019.
Key indicators: Sales Prices and Days On Market
Average sales price on 30A August 2022 vs last year: $2.4m vs. $1.5m
Average days on market before sale on 30A August 2022 vs last year: 45 days vs 68 days
What this tells me: While the market is "slowing" in number of sales per month, and the number of listings is on the rise --properties that are on the market to sell are selling and still selling faster than they were 2017-2019
I'm a 30A seller and I want to sell, what do you recommend I do?
Right now is an excellent time for 30A homeowners to list and sell their homes, especially if they've been holding for a year or more (even better if 2 years or more) - as the return on investment will only likely increase. Our main goal with our sellers today is educating on the market and creating aggressive pricing strategies so our marketing deployment can have it's greatest effect. Gone are the days of sellers naming their own prices 5-10-15% above the market and fishing for buyers, but sellers can still list at the market curve and be rewarded handsomely. In fact, today might be a great opportunity for you to cash out and finally make that move you've been wanting to a new community or development.
I'm a 30A buyer and I want to buy, what do you recommend I do?
If you're in a position to buy, 1031 exchange funds from another sale, or are just considering becoming a 30A homeowner our advice would be: Go for it! Especially if you are making a 3-5yr+ investment in the 30A real estate market. While we can never fully predict the outcome of external influences that can effect real estate markets, we can reliably say that not can real estate over time be a worthy investment, but the 30A real estate market outlook is incredible in the long run. Our area is still in it's infancy as a luxury real estate market in the US, and is only recently being noticed on the national stage as a place for ultra-luxury vacation havens and private residences for the ultra-wealthy. While that doesn't mean everything of course, the sheer demand for homeownership, vacations, and simply living the 30A lifestyle is only growing and is making it's own statement over time.
If you're interested in learning more, connect with us!
vPosted by Jon Lyons on