Ocean Colony: facts, figures & trends
Average Sales Prices for Ocean Colony, attached and detached single family homes – Quarter 1 over 8 years:
- 2008 – $1,250,000 (approx. 12% depreciation than in 2005; approx. 44% appreciation since 2000.)
- 2007 – $996,666
- 2006 – $1,176,500
- 2005 – $1,399,277
- 2004 – $1,371,900
- 2003 – $1,155,00
- 2002 – $1,003,920
- 2001 – $1,294,954
- 2000 – $694,750
The graph showing inventory (blue) and closed sales (red) spanning the last 8 years highlights a consistent trend in the earlier part of the decade and then a downshift in inventory and sales since 2004. As expected, there is an uptick in available homes during the first half of the year. Fewer sales have followed fewer available homes. Inventory is very good right now, but it may continue to be somewhat limited if we continue to see sellers accept pre-emptive offers.
01 = January to June; 02 = July to December
This is what the current market looks like when we break down the four price points within Ocean Colony. There are eighteen total properties for sale…
One active home for sale $1,850,000; 1 recent closed sale with 0 Days-on-Market for $3.5M. Large ocean view homes 4-7 years old.
Thirteen single family homes for sale. – Average List Price $1,486,000; approx. 18 – 31 years old.
Attached homes and townhouses
Two active homes for sale – Average List Price $900,000; approx. 20 years old.
Ocean Corners condominiums
One condo for sale for $499,000. (on market over 200 days; just reduced again, now 5.8% off original list price per MLS Listings).
Thirty day activity:
- 5 new listings that are still active; 2 of those have reset days on market
- 3 pending contracts (Eagle Trace – 54 DOM; Greenbrier – 0 DOM; Cypress Point – 1 DOM)
- 1 price reduction (Troon)
- 1 expired listing (Fairway)
Ocean Colony has experienced approximately 12% reduction in overall value over the last few years. However, there are homes in this neighborhood that are garnering offers at List Price, minimal days on market and short escrow periods. This contrarian activity has contributed to an overall slight increase in the sale price trend line within the last 12 months (Aug 07 to Aug 08).
The other trend happening in this neighborhood is very quick or pre-emptive offers. Of the seven (7) sales between January and August 14, 2008, approx. 40% (3) went into contract within one day of showing on the MLS – which means they were being negotiated before market exposure. That will skew a days-on-market trend as shown in the graph link below. Average days-on-market for Ocean Colony sales within the past 12 months is almost 5 months (144 days).
12-Month Ocean Colony Average Sale Price to Days on Market (DOM) trend.