Home Prices Are Up on 30A/South Walton, So Why Are Sellers Reducing Listing Prices?
by Jamie Conley
on Wednesday, July 20th, 2022 at 3:45pm.
The median sales price for homes along 30A rose 21.5% in June, signaling that the market is still hot for sellers, even though sales are declining, and inventory significantly jumped compared to last year.
Median sales prices for a home are $1,525,000, compared to $1,255,000 this time last year. In a previous couple of months, inventory was up; by 30% in May and 39% in June.
Why are some sellers reducing their listing price?
We've grown accustomed to homes selling as quickly as they hit the market. For example, median-priced homes last on average just 23 days on the market. While the pace is still at record levels, how quickly a home sells largely depends on how well-priced a property is when it hits the market.
Price reductions along 30A increased 34% within the last three weeks. Of the 421 homes currently available, 64% have been on the market for over 30 days. And 33% of active homes have been on the market for 60+ days.
It's hard to ignore that there are fewer buyers than a year ago. Fluctuating mortgage rates and inflation have caused many buyers to hit the "pause" button on second-family home purchases.
Knowing how to price your property in a competitive market is essential in our ever-changing market. Our team knows how to find and provide in-depth, current, accurate data to assist you. Reach out to learn more!