Sales for April 2014 continues strong at 45 (SF-26, Con-14, Dup-3 & Lot-2) compared to April 2013 at 44 (SF-23, Con-15, Dup-4 & Lot-2). Sales for April 30, 2014 Y-T-D were 143 (SF-84, Con-40, Dup-11 & Lot-8) up 23% versus April 30, 2013 Y-T-D at 116 (SF-64, Con-38, Dup-6 & Lot-8). Sales for the last 12 months were 436 (SF-257, Con-122, Dup-32 & Lot-25) up 7% over the previous 12 months at 408(SF-230, Con-122, Dup-24 & Lot-32). Of the sales for the last 12 months distressed properties were only 8% of the sales at 35 ( SF-17, Con-11, Dup-6 & Lot-1) compared to the previous 12 months where 10% or 41 ( SF-19, Con-17, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 10% of the inventory of 306 (SF-171, Con-86, Dup-25 & Lot-24). Pended properties (properties under contract) continue to be strong at 63 (SF-43, Con-12, Dup-4 & Lot-4) up from 49 last month and well above the average. Inventory on the island has dropped this month to 306 from 314 last month and 342 the previous month.
Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. One of the last three, off water, Banyan Tree Estate lots went under contract and looks like it’s solid to close in June. There are still a couple very strong investment buys. The one at 3603 4th Ave is a 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. A very special property for a 2nd home is a newly listed Frank Lloyd Wright inspired custom home at 4906 4th Ave. Everything is very high end custom including the wood finishes, flooring, cabinets and infinity lap pool. This is a must-see to appreciate. Check out the rest of the Great Buy’s attached.
To summarize the island market, sales so far in 2014 have been at record levels again. If you look at April 30, 2014 Y-T-D sales at 143 compared to April 30, 2013 Y-T-D sales at 116 we got a great jump on the year. If you look at April 30, Y-T-D sales (143) over the last ten years (2005-2014) only 2005 (438 properties sold that year) had higher April 30, Y-T-D sales (160). Again, single family sales remain extremely strong with 43 currently under contract. If you look at the average and median sales prices for single family homes you can see that they are up significantly over last year. As a matter of fact condos, duplexes and lots are all up over the previous year. This continues to drive up prices at a healthy clip. The immediate future looks to continue this trend of prices rising at about a 7% rate which is very healthy. The inventory is getting down into the historical low range which is under 300. If we do get down that low it will put upward pressure on prices.
The 2014 winter tourist season also broke all records for seasonal tourists. Tourism tax collections where the highest they have ever been, and the summer season is expected to continue that trend. The islands tax collections were up almost 12% over last year. Property on the island continues to be upgraded and remodeled which helps to drive rental income up to record levels. What’s interesting is if you look at AMI homesteaded properties from 1998 to 2013, they have stayed relatively constant even though the visitors to the island have increased sharply over that period of time.