30A Real Estate Market - Statistics - July 2022

Posted by Clayton Bonjean on Monday, August 1st, 2022 at 8:52am.

Real Estate Stats on Hwy 30A - July 2022

In my opinion, the 30A Real Estate market has officially cooled off. 30A is definitely seeing the effects of rising interest rates, negative housing reports, and slowing demand. The slow down is creating some good buying opportunities as well as list price reductions; however, we are still seeing increased prices year over year. It appears that real values based on comps are still stable, but sellers that are looking for unrealistic prices with no support from comps are seeing continued days on market.

In summary, July has seen the highest year over year decrease in number of sold transactions with the number of sales down -41.5%. During July of 2021 there were 207 "residential sales" on 30A and in July of 2022 there were 121 "residential sales" on 30A. We are also dealing with historically low inventory levels and I feel that this is the reason the prices are still up.

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 July 2022 vs. July 2021 (Residential - Homes, Condos, and Townhomes)

30A number of sold listings are down -41.5%.
30a median sales price is up +20.6%.
The median sales price on 30A was $995,000 in July of 2021 and was $1,200,000 in July of 2022.
The number of 30A new listings was down -24% in July of 2022.
The median list price on 30A was up +34.5% in July of 2022.
The average cumulative days on market in July of 2021 was 26 days. The most recent cumulative days on market for July of 2022 was 35.

Below are some of my personal observations while working with both 30A buyers and sellers in July.

We are seeing fewer bidding wars.
Rising interest rates continue to affect demand.
Inventory is still down and prices seem to be holding up.
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.
In many cases, buyers can actually negotiate with the sellers on price and terms.

I feel that we are transitioning into a buyer's market. This means that sellers will have to be more realistic and the agents that work hard and know how to correctly price and market their listings will see great success. The stats show us that there are fewer buyers, but there is also low inventory. In addition, the number of days on market is increasing. I will keep an eye on the prices and inventory levels, so be sure to check this blog monthly.

30A Real Estate Agent - Clayton Bonjean