by Jamie Conley
on Friday, July 8th, 2022 at 10:10am.
As we reported last week, there are signs that the real estate market along 30A is cooling. Some of the big questions for the remainder of the year are, will mortgage rates keep going up? Are residential prices continuing to climb - or are they going to go down soon?
Locally, existing home sales have dropped significantly over the last 6 months compared to last year. But inventory still has some catching up to do to keep up with the demand in our area. It's been reported nationally that inventory has risen as much as 25% during April and May, but available properties along 30A are still declining compared to this same time last year. Seasonality trends conclude that sales will drop further in the fall and winter months, but it's too soon to tell if a pricing correction will take place during that time.
As for mortgage rates, while they are significantly higher than last year, they are still historically low, remaining just below 6%. Rates are still expected to rise, but not like the sharp increase we saw in March and April.
What does our market look like as we enter the second half of 2022? This week, we've put together a snapshot of what's been happening along Scenic 30A for each residential category (homes, condos, lots). Prices have risen and the most dramatic shift was vacant land. The median sales price for lots at this same time last year was $400,000. As of the first week of July 2022, the median sales price is $795,000, a99% increase!
About this time last year, we were also tracking sales prices of homes specifically located south of 30A. The median sales price then was $1,484,175. As of this first week of July 2022, the median sales price for homes south of 30A is $2,200,000, a48% increase.
We've been in a tight market with low inventory for some time. Expectations are that inventory will increase in the remaining months, so we'll continue to keep an eye on any shifts in our market.
HOME SALES ON 30A
CONDO SALES ON 30A
HOMESITE SALES ON 30A
If you have questions about our market or would like to get a custom evaluation to find out what you're property is currently worth - reach out - we would love the opportunity to help!