Sales for September 2013 were 39 (SF-24, Con-8, Dup-3 & Lot-4) up 15% over September of 2012 at 34 (SF-13, Con-13, Dup-1 & Lot-7). Sales for September 30, 2013 Y-T-D were 309 (SF-187, Con-89, Dup-17 & Lot-16) compared to September 30, 2012 Y-T-D at 328 (SF-178, Con-105, Dup-19 & Lot-26) down only 6% from a banner sales year. Based on where we are in the year and the healthy sales activity I think we will again go over 400 sales for 2013. Sales for the last 12 months were 411 (SF-254, Con-110, Dup-24 & Lot-23) which included 33 distressed properties (SF-14, Con-12, Dup-6 & Lot-0) only 8% of the sales. Inventory on the island continues to shrink due to the strong sales activity and is currently at 263 (SF-131, Con-90, Dup-22 & Lot-20). Pended properties (properties under contract) remain strong at 56 (SF-27, Con-13, Dup-7 & Lot-9) which bodes well for strong sales over the next few months. Distressed properties (short sales & bank owned) are 2% of the inventory at 6 (SF-2, Con-4, Dup-0 & Lot-0).
The sales for 2013 continue to show an increase in average and median prices in all types of properties as well as more activity in the higher price ranges. Of the sales for 2013 Y-T-D 52% of the sales were under $500K, 31% were between $500K and $750K, 10% were between $750K and $1 million and 7% were over $1 million. In the last couple years although sales activity was at record levels only 2%-3% were over $1 million. You can see that this year the number of sales over $1 million has more than doubled to $7%. Another interesting figure is the number of showings per price range and I’ve attached a chart which shows the number of showings for Island Real Estate listings this year by price range. It shows, by price range, the total number of showings, the percentage of the total showings and the weekly and monthly average. Since Island Real Estate has about 25% of the listings on the island it’s a good reflection of the market. You can see the percentage of showings per price range follow pretty closely the sales by price range noted above. So far in 2013 Y-T-D, under $500K had 49% of the showings and 52% of the sales, $500K-$750K had 29% of the showings and 31% of the sales, $750K-$1 million had 13% of the showings and 10% of the sales and over $1 million had 9% of the showings and 7% of the sales.
This month, Frank, Larry & Al’s Great Buys haven’t changed from the September Newsletter. Check them out again. There are some great direct gulf front condos, a couple building lots close to the beach and the best investment buy on the island, 2916 Avenue E which just had a makeover, still available. The three direct gulf front lots in Banyan Tree Estates listed at $2,650,000 each are under contract and will close by the end of the year.
In summary September 30, 2013 Year–to-Date sales has closed the gap to within 6% of the 2012 sales for the same period. As mentioned last month 2012 sales of 430 was the only year sales were above 400 since MLS records have been kept except for 2004 at 434 and 2005 at 438. As you can see, sales for 2013 are very healthy as compared to the peak years. The inventory absorption chart reflects the continued low inventory of properties for sale on the island and we continue to have only about 7 months of inventory based on current sales rates. Single family sales also continue to be at their highest levels ever even compared to the peak years of 2003-2005. Distressed properties also remain almost non-existent currently at 6 properties. Distressed properties sold so far in 2013 were only 7% of sales compared to the same period in 2012 when they were 13% of sales. The days of picking up distressed properties on the island are long gone. The good buys now are value buys, that is property in good locations that if already not remodeled have the capability to be remodel and still be sold for a profit. The good locations continue to be direct gulf front, west of gulf drive and on water in that order. The bottom line is the island market is as good as it has ever been and continues to trend in that direction.
For detailed charts see the entire newsletter on my web site; www.Alangalletto.com