January 8, 2014
Happy New Year! 2015…unbelievable! A New Year is a time for new starts, a fresh beginning and endless opportunities. I wish you all the best and hope this is a "ridiculously" good year for you.
While December was a "good" month in the island real estate industry, we did not see the "typical" surge of "high dollar" closings in the last few days of the year. Many times we see a flurry of late year activity as buyers try to close before January 1. As you can see in the chart below, Dec. 2014 saw 40 sales (compared to 33 sales in November), the average price was down ($823K) but the median price was up ($649K). The YTD numbers continue to be a "reality check" of the monthly news. The YTD news indicates we are still in a steady market with the number of sales slightly below last year and prices basically the same. The average "days on market", however, is down by 14%!
Month/Year Dec/2014 Nov/2014 Dec/2013 2014(YTD) 2013(YTD) # Residential
Sales 40 33 39 400 408
Average Price $823K $1.44M $1.15M $1.01M $1.01M
Median Price $649K $550K $750K $600K $625K
Avg. Days on
Market 242 224 249 224 260
Sales of building lots were strong in 2014 with 73 sales, up 10% from the past 2 years and prices up about 18%. This is real good news since land sales mean people are building and this helps drive one of the islands main industries…the building trades.
All indications tell me that 2015 will be another good year for real estate sales. I believe interest rates will remain below 5% (right now they are 4%) and prices will be steady to slightly increasing.
As always, I appreciate your patience in what I do and look forward to helping you reach your goal.
All the best…
Doug Reece
Accredited Buyers Agent®
Certified Residential Specialist®,
Certified Luxury Home Marketing Specialist®
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