Tuesday, February 21, 2012
The numbers for January 2012 are stellar and hopefully a sign of good things for 2012. There were 37 residential sales in January with an average price of $1,023,999 and a median price of $748,900. The average days on market are 208. These are all positive signs. In January 2011, we saw 27 transactions with a median price of $650,000 and 218 days on market.
There have been 16 transactions so far in February with 9 days to go, so I suspect we will see about 25-27 total closings for this month.
There are presently 42 homes “under contract” across the island which tells me the number of closings over the next 60 days will be down from that of January, however there seems to be a good number of “real” buyers around this winter season.
All economic indicators, both national and local, are pointing to an “up year” regarding real estate sales. Nationally the trend is for increased sales but steady to slightly declining prices. I hope that the January figures mentioned above indicate we will see the increase in number of sales but that we will contradict the national trend and also see an increase in prices. Keeping my fingers crossed on that point!
Interest rates are holding steady as expected (at historic lows) and the upcoming presidential election should help to keep a stable (or better) market.