Where is the 30A Real Estate Market headed as we begin the second quarter of 2023?

According to Nationwide industry analysts, home prices in the first quarter of 2023 increased in over 70% of major metro areas. However, the national median price for existing single-family homes was down .2% from a year earlier. As we begin the second quarter, what are the numbers telling us locally? Are we transitioning from a Seller's market to a Buyer's market? 

As we look at home prices and trends locally, the following numbers in our infographic below represent single-family homes in two regions of Scenic 30A, from Grayton Beach to the Western End of 30A and from Watercolor to the Eastern End of 30A. 

In looking at the two regions separately, we discovered a noticeable change during the first quarter. The Western end of 30A experienced an increase of 28% in median sales prices. In contrast, the Eastern End of 30A experienced a 15% decline in median sales prices.

Another factor to note. Pending (a.k.a. Under Contract) numbers are down 45% compared to last year. Typically, that would indicate a switch to a Buyer’s market when prices also slide downwards. So, is it possible we’re transitioning to a Buyer’s market? We won’t know really with 100% certainty until a definite change has happened. It’s a “hindsight is 20/20” kind of thing!

Collectively, of the 277 homes sold on 30A year-to-date, the median sales price remains unchanged at $1.6M. And homes are still selling rapidly, with 49% that went under contract within 30 days or less and 31% that went under contract within seven days or less!

As a reminder, the market numbers we provide are only intended to show a very broad overview of what we’re experiencing in market activity. We advise that it’s more important than ever to ensure you have a custom-tailored market study providing market data that relates directly to your specific property, location, and circumstances.

Are you considering placing your property on the market now or in the next few months? Our team of experts has been assisting sellers with their real estate needs for over 30 years! We would also appreciate the opportunity to help you work through your planning and preparation for a successful sale of your home or property! Please reach out with any questions or if we can assist you in any way.