What you are seeing here are the Real Estate sales numbers for each building on Williams Island from the 1st quarter 2017 going back twelve months compared to the 1st quarter 2016 going back twelve months.
- The total number of closed sales in the past twelve months is down significantly compared to 13-24 months ago, 102 vs 72 (30% Decrease).
- The median days on market has increased significantly over last year 101.2 vs 166.5.
- The average selling price has decreased significantly in some buildings, with the biggest drop being in Bellini on Williams Island, -24%.
- There is currently a 36.67 month supply of available homes for sale on Williams Island. This is called the absorption rate. It is calculated by taking the total number of closed sales from the past twelve months and dividing it by twelve months 72/12=6 Sales per month. Then taking the total number of active listings and dividing that number by 6 sales per month 220/6 = 36.67 months of supply (Three Year Supply). Anything over six months of supply is considered a Buyer’s Market.
The data is overwhelmingly telling us that property values are in a declining trend and that it is a Buyer’s market. If you have any questions on how this effects the value of your apartment and the timing of selling or buying, please contact us.