Williams Island Real Estate Market Report 2016
Are property values on Williams Island going up or down? Is it a Buyer’s or Seller’s Market?
The total number of closed sales in 2016 is down significantly compared to 2015 102 vs 71 (30% Decrease). The median days on market have increased significantly over last year 97.6 vs 131.8. The average selling price has decreased significantly in some buildings, with the biggest drop being in Bellini on Williams Island, -19.3%. There is currently a 26.52 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 71/12=5.92 Sales per month. Then taking the total number of active listings and dividing that number by 5.92 sales per month 217/5.92 = 36.66 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 declining and that it is a Buyer’s market.