The BIGGEST Trends in Today's 30A Real Estate Market.

The most frequently asked question I hear in my conversations with clients each week is, "what trends are you seeing in the market?" Whether you're considering buying or selling on 30A, this may be the question at the front of your mind as well. So here are the biggest trends I'm seeing and the keys to success in our current market.

High Inventory

As of this week, the number of homes for sale up and down 30A us up 59.7% from this same week last year.

Days on Market (DOM)

Though the current average DOM for active properties is 120, homes that are selling are averaging 82 days on market. This is only an increase of 10 days from the average at this time last year.

Property Values 

In traditional Real Estate markets, the combination of this spike in inventory combined with high days on market would historically result in significant price reductions. However, as you know, the 30A market is quite unique. Even with these factors in place, average sale prices in the month of May were up 8.7% year-over-year. Good news for home-owners, not so good for buyers waiting to score a deal.

List Price to Sale Price Ratio

Defined as the percentage of the original list price of a property when it hits the market vs. where it ultimately closes, this ratio helps us understand what types of discounts buyers are receiving when they purchase a home. For the month of May, that ratio averaged 93.36%, which is consistent with what we have been seeing for several months in a row. Though there are certainly outliers to consider when we're discussing averages, the likelihood of receiving a 20%-25% discount on a property is low.

Number of Homes Sold 

On this date in 2023, we had seen 441 homes sold on 30A. This year, that number is 429, a difference of only 2.7%. So though the high inventory gives the appearance that our market has stalled, we are still very close to the same level of activity.

Bottom Line for Sellers 

You MUST stand out from the competition if you hope to sell your home quickly. With so many to choose from, your home must be set apart from the rest. Nicer features and finishes, amenities, pricing, or a combination of these will lead to your home selling before the rest. Positioning is so important in today's market!

Bottom Line for Buyers 

Though there are exceptions to every rule, in the vast majority of cases here on 30A, homeowners are not in "must sell" situations. This is one of the biggest reasons we are still seeing sale ratios in the 93%-95% range. Along 30A, waiting for home prices to "crash" is a move that will keep you on the sidelines indefinitely. With the unknown timing of mortgage interest rate improvement, the bottom line for Buyers right now is to identify properties where the numbers work. There are some great opportunities out there to fit every budget.

Final Thoughts

So there you have it! This is the conversation I've been having with almost everyone, and my hope is that it helps clarify where we are in today's market. It's not a simple market by any means, and takes skill and understanding to be successful on either side of the sale. That's what I'm here for. If you'd like to schedule a call or if you have a specific question I haven't answered here, simply click the button below to schedule a call or send me an email at [email protected]