July 3,
2013
Happy 4th
of July! The island is hopping, the
traffic is backed up and summer season is upon us...and I say “Bring it on!”
The real
estate market has finally picked up after a lackluster June. The number of property viewing has increased in
the past few days and is hopefully a sign of good things to come.
There
were 26 residential sales in May (avg. price $1.03M and median price $587K)
compared to 32 sales in April 2013 (avg. price $882K and median price $576K)
and compared to 29 sales in May 2012 (avg. price $1.08M and median price $672K). So, the average price is UP(16%) from last
month but down (5%) from the same month a year ago. The median price is
“STEADY” when comparing month over month but down(13%) compared to June 2012. Although these numbers are mixed, I like the
direction we are going!
As last
month, let us look only at the prices and days on market when comparing YTD
totals. The YTD(2013) average price is
$905K and median price is $576K compared
to 2012 YTD sales with $945K avg.
price and $535K median price. These
numbers show the average price declined (by 4%) while the median price is up
(by 8%). These numbers are very positive
since the “decline in average prices is the same as last month TYD totals and
the median price continues to increase. The
only negative I see this month is the average “days on market” which is up to
327 days in 2013 compared to 251 days in 2012.
Lastly,
interest rates have ticked up a bit again (many 30 year rates are over 4%) which
will help those buyers who are “sitting on the fence” jump into the market and
purchase. This is supported by an
increase in consumer confidence across the board.
Please
let me know any questions you might have about how this prediction affects your
property. As always, I appreciate your trust and patience in what I do. All the best in real estate and otherwise.
Doug
Reece
Certified Residential Specialist®,
Certified Luxury Home Marketing
Specialist®
Accredited
Buyers Agent®
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