Williams Island Real Estate Market Review 2nd Quarter 2016
Are property values going up or down? Is it a Buyer’s or Seller’s Market?
The number of total sales over the past twelve months is down significantly compared to the twelve months prior 132 vs 87. The median days on market have increased significantly over last year 92 vs 110. The average selling price has decreased significantly in some buildings, with the biggest drop being in the 2800 Building on Williams Island, -10.9%. Overall property values have been flat year over year showing that we have probably reached the height of this sales cycle. There is currently a 25 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 87/12=7.25 Sales per month. Then taking the total number of active listings 182 and dividing that number by 7.25 sales per month 182/7.25=25 months of supply.
The data is overwhelmingly telling us that property values are heading towards a declining trend and that it is a Buyer’s market.