We are continuing to see a shift in the 30A real estate market from a seller's market to a buyer's market. We have all seen the news reports of a real estate cool down on a national level and 30A is definitely affected.
In summary, August saw a decline of -25.6% in the number of sold residential listings on 30A over August of 2021. Actually, this is an improvement over last month (July). Last month we were down -42%. The median sales price in August was actually up +32.8%. In most cases, prices are holding, but we are seeing some decreases in certain segments of the market. Most of the owners in our area are not speculators and they are here because they want to be on 30A. We are also seeing a decrease in inventory as many sellers are waiting for a better climate to list because "they don't have to sell".
Below are some interesting statistics that show exactly where the 30A real estate market is today. We pulled numbers for homes, condos, and townhouses. These numbers represent transactions in the 30A area that is South of Hwy 98 from Dune Allen to Rosemary Beach.
30A Real Estate Statistics August 2022 vs. August 2021 (Residential - Homes, Condos, and Townhomes)
30A number of sold listings are down -25.6%.
30a median sales price is up +32.8%.
The median sales price on 30A was $975,000 in August of 2021 and was $1,295,000 in August of 2022.
The number of 30A new listings was down -22.8% in August of 2022 vs. August of 2021.
The median list price on 30A was up +18.8% in July of 2022. This is the lowest increase year to date.
The average cumulative days on market in August of 2021 was 62 days. The most recent cumulative days on market for August of 2022 was 45 days. Year over year, the days on market is better, but in June of 2022 the average cumulative days on market was 13 days. This really puts things into perspective.
Below are some of my personal observations while working with both 30A buyers and sellers in August of 2022..
Bidding wars have become very rare.
Demand is slowing but low supply seems to be an offset.
We are seeing many list price reductions. Buyers are able to purchase properties at more realistic prices. I have not seen appraisal waivers, inspection waivers, etc. Sellers should be competitive on pricing and be open to normal contingencies like financing, inspection and appraisal.
In many cases, buyers can actually negotiate with the sellers on price and terms.
Most sellers are still in an excellent equity position and can afford to be more competitive.
Things are different and sellers should price and market their listings accordingly. Buyers are in a much better position than they were just 3 months ago. There is still good activity and sellers can achieve success, but it is important that they are in tune with the current market climate.