Damn. Another BUBBLE? 30-A Condominiums increase 39% to 44% in one year!?
First, look at the Year-Over-Year Spreadsheet at the bottom. Notice the mean and median sale prices? Does ANYONE really believe that condominium values on 30-A have increased 39% to 44%. YOY YTD? Yet that’s exactly what has happened and the data sample is large. Meaning if someone who is financially motivated were to submit this ...
First, look at the Year-Over-Year Spreadsheet at the bottom. Notice the mean and median sale prices?
Does ANYONE really believe that condominium values on 30-A have increased 39% to 44%. YOY YTD? Yet that’s exactly what has happened and the data sample is large. Meaning if someone who is financially motivated were to submit this data to you, it’s concrete… at first glance.
But can you trust that data? What does it mean? Is there a bubble? Are you paying too much? What is the sub-market data? What are the integrated cross platforms’ data one can check to get a better picture?
The YOY YTD rates of increase are UNSUSTAINABLE AND UNRELIABLE. Therefore, we must look at the median and average sale prices over time to better reflect the market.
See Below:
The preceding table indicates significant changes over the last five years. The first seven months of 2014 indicates a pace for 220 sales in 2014 which is comparable to 2012 and more than 2013. Values are increasing.
Since 2010, the average sale price has increased 27%, or .63% per month, or about 7.50% per annum.
Since 2010, the median sale price has increased 32%, or .75% per month, or about 9% per annum.
Notice the average days on market has decreased.
Notice the SLP has increased. Meaning, condominiums are selling 4% closer to list price than they were in 2010.
See spreadsheet below. This spreadsheet comprises condominium sales and listings YOY YTD. Results support a +39% average sale price increase with a +44% median sale price increase.
These rates of 39% and 44% increase, while accurate, are unsustainable and unreliable.
Hence, the table above takes a longer more reliable indicator of market conditions relative to values in the condominium sector in South Walton East.
YOY YTD Spreadsheet:
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