Friday, July 12, 2013

July Market Picking Up


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®