Tuesday, January 13, 2015

Happy New Year! 2015!

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®