Neighborhoods located in zip code area 33137 include Edgewater, Morningside and Bay Point Estates. Morningside includes the Morningside Park, and the neighborhood was added to the National Register of Historic Places in 1992. Collectively, Bay Point’s Sabal Palm Road homes are some of the most expensive real estate in the United States.
January Property sales were 3, down -62.5% from 8 in January of 2015 and equal to 0.0% 3 sales last month. January 2016 sales were at their lowest level compared to January of 2015 and 2014. January YTD sales of 3 are running -62.5% behind last year’s year-to-date sales of 8.
The Median Sales Price in January was $610,000, up 27.7% from $477,500 in January of 2015 and down -60.0% from $1,525,000 last month. The Average Sales Price in January was $996,667, up 47.4% from $676,125 in January of 2015 and down -23.4% from $1,300,667 last month. January 2016 ASP was at a mid range compared to January of 2015 and 2014.
Inventory & MSI
The Total Inventory of Properties available for sale as of January was 59, up 7.3% from 55 last month and up 73.5% from 34 in January of last year. January 2016 Inventory was at highest level compared to January of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The January 2016 MSI of 19.7 months was at its highest level compared with January of 2015 and 2014.
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for January was 27, up 3.8% from 26 days last month and down -74.8% from 107 days in January of last year. The January 2016 DOM was at its lowest level compared with January of 2015 and 2014.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The January 2016 Selling Price per Square Foot of $384 was down -8.6% from $420 last month and up 44.4% from $266 in January of last year.
Selling Price vs Listing Price
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The January 2016 Selling Price vs List Price of 102.2% was up from 99.6% last month and up from 96.0% in January of last year.
Inventory / New Listings / Sales
‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in January 2016 was 16, up 45.5% from 11 last month and up 6.7% from 15 in January of last year.
For the full .pdf report with graphics, click here to download: 2016-02-05 Edgewater – Morningside – Bay Point Estates SFH report