Williams Island Real Estate Market Review 3rd 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 105 vs 81. The median days on market have increased significantly over last year 91 vs 112. The average selling price has decreased significantly in some buildings, with the biggest drop being in Bellini on Williams Island, -19.5%. 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 81/12=6.75 Sales per month. Then taking the total number of active listings and dividing that number by 6.75 sales per month 179/6.75=26.52 months of supply.
The data is overwhelmingly telling us that property values are declining and that it is a Buyer’s market.