Where are prices headed in 2017? We're keeping an eye on a couple of critical numbers.
Take a look at the chart below and pay attention to three vital statistics. This chart illustrates data for ALL PCB gulf front condos. First, the number of units for sale or "Active Listings" is just that...how many units are for sale at any given time. From March to November alone, this number moved up 32%! That is an ENORMOUS move. If you are thinking of selling, you have 32% MORE competitors than you did in March.
The number of closings, "Sold Listings" has stayed steady which is encouraging. People are still buying and selling condos at a good rate.
However, because of the rise in the "Active Listings," the "Months Inventory" number has also moved up dramatically. Any "Months Inventory" number around 5 or 6 represents a neutral market while anything above that signifies a buyer's market.
The overall PCB Gulf Front market has drifted into a pretty strong buyer's market since about July.
But there is a silver lining.
Normally, you would expect prices to move down with a trend like this, but so far, prices have stayed somewhat steady...good news for any owner thinking of selling in early 2017.
The next chart deals ONLY with gulf front condos built AFTER 2005. It is pretty much the same story here with units for sale "Active Listings" moving higher with the number of closings, "Sold Listings" holding steady. Again, this sub-market is pretty clearly in a buyer's market with "Months Inventory" drifting between 8 and 10.
Units built BEFORE 2005 (chart below) are also showing similar trends. "Active Listings" are moving higher but sales "Sold Listings" seem to be tapering off a bit, especially from the middle of 2015. However, we aren't quite as much in a buyer's market here with "Months Inventory" hovering more around the 5-8 range.
We have specifically looked at all of the condos projects around Pier Park and have more information on those buildings here: