April 2023 | 30A Real Estate Market Report
Each month and quarter, we love to provide value to our community and clients by showing valuable 30A real estate market statistics, trends, and insights. Here, we share what happened in the local real estate market for April 2023.
As an interested buyer or seller here in the 30A real estate market, you'll want to know how properties are moving including buying and selling trends, and other market factors. Here's what we're seeing that you can't see in the snapshots above.
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1. The 30A real estate market as a whole, is up +11% year over year in average sales price, year to date. Segmented into sections of East and West 30A, we see the East side of 30A (Seaside to Rosemary Beach/Inlet) +10% average sales price, and West 30A (Grayton Beach to Dune Allen Beach) about on par for average sales price last year (0% to -2%).
2. Looking at future closings (pending contracts), the West end of 30A is poised to grow significantly in sales closed over the next 30-90 days, while the East end is steady.
Are we in a buyers or sellers market?
While many buyers are looking for some deals, and may find some - many sellers have the opportunity to cash-out on some equity... and many are asking, are we in a buyers or sellers market now? After being in an extreme sellers market for some time, is it finally time for buyers?
Let's look at the facts:
Absorption rates on 30A are about 5-6 months, depending on market segments. Historically, these have been 7-9 months (pre-pandemic) and at their lowest, reached just below 2 months during the buying frenzy we saw over the past 2 years.
Spring 2023 is still a sellers market, albeit slightly, is still a sellers market for a few reasons:
1. Good, viable inventory is still quite low.
2. Sellers don't have to sell. Many have 20-40%+ equity in their homes.
3. Interest rates. Although perfectly in the historical averages of time, interest rates are not the 2-4% we saw in the past. And won't be for a long time.
If now's the right time for you and your family to buy your beach home, I'd love to help. Here's a few tips:
1. Expectations are key. Knowing what you can afford to buy from a trusted lender is important, and downpayment %. For a home, expect 10-20%, for a condo expect 20--30%.
2. Connect with your trusted agent to get the ball rolling, as opportunities will come and go quickly this time of year as summer approaches.
3. Negotiation is mission critical in getting a great deal for a home. Expect a little wiggle room if the property has been on the market more than 30 days, around 3-5% is common. A great agent will help you understand the 5 points of negotiation to get the best deal possible.
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