30A East closed the year with somewhat of a whimper regarding appreciation after successive year-over-year price drops yet coupled with an impressive double digit sales volume bump.
Absorption rate dropped 16.87% for December and 15.20% for the year so clearly there is less inventory to choose from moving into 2016. It will be interesting to see if more sellers come forward in these market conditions where properties are in fact selling albeit at a moderate price increase from last year.
Average list price is substantially up 26.89% year-over-year (YOY) and 9.19% year-to-date (YTD) but these bumps are not substantiated by actual sale price average as the YOY number dropped by 21.81% in December. However, average sale price is up by 7.09% YTD which frankly isn't a bad number at all. I'd rather see sustainability of price increases that are smaller than bubbles that burst any day. Median list price was up YOY 14.05% in December and 2.55% for the year but again was not supported by actual median sale price which was down 14.26% YOY and 1.47% for the year. As I like median better than average anyway the trend here seems to be that although sellers are pushing the envelope a bit with pricing, buyers are pushing back with what they will pay.
Average days on market dropped like a lead weight by 46.72% YOY but a paltry 1.15% for the year while median days on market fell by 31.33% YOY and is up for the year 3.61%. Overall these numbers indicate that generally properties sold about as fast this year as they did last year and I think this is a good thing as last year was pretty good. This might also be due to some sellers being more realistic and agreeing to a lower negotiated price with buyers as the aforementioned average and median sale price vs. list price numbers seem to indicate.
Other 30A East Metrics
In my opinion the best news is that sales volume for the year is up by 10.6%. As long as we can maintain an average and/or median sale price increase in the mid to high single digits annually and keep volume up in high single or double digits this is a good market. Pending sales are up by 8.2% year end so it seems the pipeline is prepared to support this trend at least for now.
Active and new listings are up 1.1% and 2.5% for the year respectively so it does not seem sellers are rushing for the hills to unload their property, and why would they in such a beautiful place.
All of this indicates a steady, strong market with no major turbulence keeping prices "affordable" relative to the second home luxury market 30A is.