Cash sales accounted for about 1 in 3 closings in Tidewater since the beginning of 2016. In a way, this is encouraging to see that lenders have loosened up a little so that condo financing is attractive again.
Buyers have preferred 1BR units over all of the other plans in the same time period and as you can see below, Q3 was quite busy, up a whopping 340% while up a strong 95% year to date.
"Day on Market" is a good way to see what is going on in a real estate market. Units are selling 78 days FASTER than they were this time last year showing that there is healthy demand.
There are only 3.56 months of existing inventory. 5-6 months of inventory signifies a neutral, normal market. Anything less is a sign of a seller's market. Anyone thinking of selling in Tidewater may be selling at "the right time."
SOLD price per square foot continues to trend up meaning units are selling for more money. The average SOLD price per square foot actually dropped a little in Q3 so it will be interesting to see if this is the start of something new or just a blip.
Since 2016, no other project in this report had more sales than Tidewater and like most other projects, a lot of the important real estate metrics are representing a strong, healthy seller's market.
* Data Analysis by The Duran Group at Pelican Real Estate uses data from Bay County Association of Realtors MLS service. Information is deemed correct, but not guaranteed. The Duran Group analysis, summaries, and conclusions are based on our professional opinions. *