30A East 1st Qrt 2020 Sales Results show only sales prior to the Covid-19 lock down. The closed sales in March were likely likely going under contract in January or February, prior to the nation-wide lockdown. Based on some of the details below, should me larger changes for April and May closed sales.
Everyone is asking, “What’s happening in the real estate market on 30A?”
Looking at residential (includes residential lots) properties in the eastern half of 30A, which also includes WaterSound Origins and some areas north of Hwy 98 at Inlet Beach, for the 1st Qrt of 2020, the quantity of closed sales are up 22.9% compared to 1st Qrt 2019. Keep in mind, that most March sales were contracts written prior to lock downs of vacation rentals. For the month of March, closed sales were up 7.6%, compared to Mar 2019, indicating that Jan and Feb were exceptionally strong in 2020.
Have sales slowed from the lockdown on vacation rentals? Absolutely, but we won’t see the results until April and May numbers are in. We can look at the number of pending sales for March as a good indicator of what to expect. Looking in the same eastern half of 30A area at residential properties, we find that in1st Qrt, pending sales are down 7.2% for 2020 compared to 2019. For the month of March, pending sales are down 45.7% compared to Mar 2019.
When we look at properties of $1mm+ the 1st Qrt for 2020 (quantity of sales) is actually up 6% compared to 1st Qrt 2019. Looking at only March, the pending sales are down 35.7% compared to Mar 2019. Interestingly, we have 3 pending sales of $5mm+ in March this year, compared to only one in Mar 2019.
What about inventory levels in the same area?
Inventory in Mar 2020 is down 6.3%, which is not surprising as many agents have just put work on hold. With the inventory decreasing, it will be helpful since closed sales are decreasing. I doubt it will be enough to keep the absorption rate as low as it’s been, but still helpful. (Absorption rate decreased from 8.73 months supply in Mar 2019 down to 6.88 months supply in Mar 2020.)
Days on Market
Days on Market For March decreased from 135 days (Mar 2019) to 105 days (Mar2020). With the lack of pending sales in March/April 2020, the Days on Market should likely increase. Stay tuned for more 30A real estate market updates.
Murray Balkcom is Broker Associate for 30A Local Properties. To search for properties in the 30A area + beyond, visit Greater30A.com
Murray Balkcom, Broker Associate for 30A Local Properties has 19 years of local real estate knowledge in South Walton and the surrounding Greater30A area. Place your trust in Murray’s experience to handle all of your real estate needs.
Call Murray at 850-830-2475 today to ask about selling your property in Seaside or the Greater30A area.