30A Real Estate Market - Stats - September of 2022

Posted by Clayton Bonjean on Tuesday, October 11th, 2022 at 7:48am.

30A Real Estate Stats September 2022

To summarize, the sales volume on 30A is way down, but on average, the prices are up. The median sales price was actually up in Sept of 2022 vs. Sept of 2021 by +24.3%, also the average sales price was up over +20% at $1,948,360 in September of 2022 and It was $1,556,085 in September of 2021. Our number of sales were down the highest level year to date at -49.3% in September. Days on market came in at 53 cumulative days on market. There were 189 New listings in September of 2021 and there were also 189 new listings in September of 2022.

Our inventory levels have shot up. We currently have 5.79 Months of inventory on 30A with 619 home, condo, and townhome listings. In March of 2021 we had less than 1 month of inventory. Also, the average sold to list price is currently 95% and it was 98% in March of 2021.

We are definitely having fewer transactions than last year, but we are still having an acceptable number of transactions based on past real estate markets. For example, our sales got cut almost in 1/2 in September of 2022 to the number of sales at 107 in 2022 from from 211 in Sept of 2021, but to put it in perspective, in September of 2014, we had 109 transactions on 30A. I feel that 2014 was a fairly normal market for us as we were coming out of the Oil Spill in 2010 and things were starting to get back to normal. However; based on recent years the current number of sold transactions is very weak.

I have not been involved in one multiple offer / bidding war in over 4 months and buyers are able to negotiate fair prices with reasonable terms. The interest rates are definitely higher, and we are seeing some interesting new strategies like sellers and lenders offering to buy down the interest rate for a year or two as well as other concessions. The 5 and 10 year ARM mortgages are also becoming the norm. An interesting marketing term that I have seen agents use is "Date The Rate". Rates are higher, but still reasonable considering the last 20 years. Who knows what will happen with interest rates, we may find that a 6.5% rate seems like a bargain in a couple of years. Also, if rates do go back down to historically low levels, refinancing is a great option.

30A Real Estate Statistics September 2022 vs. September 2021 (Residential - Homes, Condos, and Townhomes)

30A number of sold listings are down -49.3%.
30a median sales price is up +24.3%
The median sales price on 30A was $925,000 in September of 2021 and was $1,150,000 in September of 2022.
30A average sales price is up over 20%.
The average sales price on 30A was $$1,556,085 in September of 2021 and was $$1,948,360 in September of 2022.
The number of 30A new listings was 189 and this the exact same number as last year in September.
The median list price on 30A was up +11.1% in Sept of 2022. This is the lowest increase year to date.
The most recent cumulative days on market for Sept of 2022 was 53 days.

Below are some of my personal observations while working with both 30A buyers and sellers in September of 2022..

Bidding wars are basically over.
Demand is slowing but prices are holding strong and even increasing year over year.
In most 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 4 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. Seller's should also be more open to terms like an appraisal contingency, home inspection, and financing contingency (with a pre-approval letter, of course). If you would like to discuss the stats in greater detail, feel free to call me on my direct line at 850-585-1284.

30A Real Estate Agent - Clayton Bonjean