Rising Home Inventory: How It's Influencing the 30A Real Estate Market

Compared to last June, inventory levels for homes and condos on Scenic 30A have more than doubled, from 2.5 months of supply to 6.6 months this June, indicating we are currently in a balanced market. 

Contributing to this slow yet steady incline may be a month-over-month decrease in new listing inventory since January.

For example, 307 new listings were added to the market last June, whereas just 171 new listings came on the market this June, representing a 25% decrease in new listing inventory. 

Homes Are Staying On the Market Longer

Since fewer new listings are entering the market, the build-up in the inventory of homes indicates many properties are taking longer to sell.

The average number of days-on-market so far has peaked in May at 101 days, compared to an average of 22 days on the market last May. 

The Impact on Listing Prices

While more available properties have received a price reduction, the adjustments have been minor, and prices continue to increase in other market areas, such as in luxury homes. 

Here's a "snapshot" of both homes currently for sale and under contract:

493 Homes For Sale

• 44% experienced a price reduction
• 5% price decrease for Median-Priced Homes
• 28% price increase on High-Priced Homes* 

 115 Homes Under Contract

• 45% experienced a price reduction
• 5% price decrease for Median-Priced Homes
• 15% price increase on High-Priced Homes* 

 (*Luxury, Gulf front, or proximity to the beach)

Homes in excellent condition and priced accurately still sell in record time. 

Of the 115 homes under contract, 48% did so within 30 days or less. And 25% were on the market for 121 days or more before going under contract. 

While buyer demand remains strong, there is more inventory to choose from. Factoring in other market conditions, such as rising interest rates, buyers may have more bargaining power now and in the coming months. 

Tips for Buying in Today's Market

Don't wait for prices to drop drastically. Many news headlines have been predicting a worsening market nationally, but steadier prices don't mean the market is crashing. Instead, the current reality is that prices appear to be stabilizing.

If you're looking to purchase within a specific neighborhood along 30A and see a lack of homes available there, expect plenty of competition. Getting to know a local Realtor who has a pulse on all the changes happening in your desired neighborhood can provide you with a crucial edge in a tight market.

Tips for Selling in Today's Market

Homes priced right get the most competition while others stay on the market longer. Ensure you get your pricing right by talking to an experienced Realtor who will use current and accurate data to help you arrive at a competitive price. 

Since your home or condo is one of your most important assets, knowing how to find its value can help you make future decisions about your primary investment, whether selling, refinancing, or financial planning.

Contact any of our sales team for a complimentary, no-strings-attached comparative market analysis tailored to your property and circumstances.

We've been assisting our clients in navigating the ebb and flow of our market for over 30 years. 

Whether buying or selling, we'd love the opportunity to assist you too. Reach out with any of your questions, big or small!