Citrus Isles Market Analysis

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CLOSED SALE VALUE trailing-12 months INCLINED by PRICE 2.75% to $547,423 from $532,759 and INCLINED by LIVING 2.41% to $319.67 from $312.16, but DECLINED by LOT 2.18% to $64.08 from $65.50 and DECLINED by WATER 8.45% to $5,441 from $5,943.

Last October’s sale on Mandarin Isle (PRICE $1,295,000) made the NEW LOT HIGH of $122.17; the previous HIGH ($119.74) was made in May 2012, and; the prior HIGH ($112.48) was made at the edge of the Historical Trough in January 2006.

Closings frequency has increased: 42 closings trailing-36 months; 20 closings trailing-24; 13 closings trailing-12, and; nine closings trailing-six. 

Two properties are pending sale (PRICE $714,000, LOT $107.77, LIVING $264.15, WATER $10,985).

ANNUAL RENT trailing-12 INCLINED 4.52% to $30,000 from $28,700 (frequency has decreased: 12 trailing-24 and three trailing-12).

PRICE/RENT RATIO:  trailing-24, 18.56; trailing-12, 18.25—12% above Moody’s Long-Run Affordability.

MACRO Trend Line LOT Post-LOW ($22.50 April 2013): INCLINE $52 to $65.

MICRO Data trailing-36: Rank Closed Sale CANAL LOCATION by PRICE: SW, SE, NW, NE; by LOT: SW, NW, SE, NE; by LIVING: SW, NE, NW, SE; by WATER: SE, NW, NE, SW; by DOM: NW, NE, SE, SW.

MICRO Data trailing-36: Closed Sale CANAL LOCATION UNDER MARKET by PRICE: SW 5/9, SE 11/13, NW 4/7, NE 12/13; by LOT: SW 4/9, SE 10/13, NW 1/7, NE 8/13; by LIVING: SW 2/9, SE 8/13, NW 5/7, NE 6/13; by WATER: SW 5/9, SE 8/13, NW 1/7, NE 6/13; by PRICE/RENT: SW 5/9, SE 11/13, NW 5/7, NE 12/13.  TOTAL UNDER MARKET 129/210 (61.43%)

CURRENT INVENTORY, 13 listings: SW 3, SE 3, NW 2, NE 3, Pt 2.  UNDER MARKET 5/65 (7.69%).