Season is drawing to a close; the parking lots are emptying out and restaurants are becoming more accessible. April saw a dramatic increase in closings with 27 units; as well as, 30 new listings. Walker Real Estate Group closed 3 of the 4 at the Ritz Carlton Residences; and is responsible for 5 of the 6 new Ritz Carlton listings.
Let’s take a closer look at the results in condominium re-sales for the first four months of 2015 on Singer Island:
- There have been 72 condo re-sales on Singer Island through April 2015. The sold prices averaged 94.4% of list price.
- Year-to-date 51% of the condo re-sales were under $500K, with 18% being in the $1 million plus range.
- The average Days-on-Market (DOM) for the condos through April stood at 155 (approx. 5 months).
- There were no short sales in April.
- The highest re-sale in April was Ritz Carlton Residence 704A for $2,750,000; and the least expensive sale was Connemara 603 at $230,000.
- As of the end of April, condo inventory has remained steady at 168 units.
- Price per square foot of the older condos (built 1969-1989) increased to $281; and the price per square foot of the newer condos (built 2003-2008) also increased to $544 through April 2015.
Looking Back at Season
As the Season draws to a close, it is a good time to reflect over the last six months to see how well the real estate market has performed.
In the last six months there has been 104 oceanfront condo re-sales on Singer Island, compared to only 84 sales the previous 6 months. Two thirds (68%) of the re-sales were in the $250K to $750K price range. The $1 million to $2 million price range (newer condos) count for 11% of the sales; whereas the $2 million plus range saw only five sales for a 5% share.
Relating this to the active condo inventory shows consistency in the $250K – $750K range with the inventory at 61% compared to sold at 68%. Likewise, the $1M to $2M range shows inventory at 13% verse sold at 11%. It changes dramatically once the price exceeds $2 million with a comparison of 13% inventory to 5% sold.
The overall inventory of active oceanfront condo listings has increased 14% since the first of the year and is holding steady at approximately 170.
In summary, we see the older condos showing strong sales and support the news articles about an active real estate market, while the newer, upper tier units are lagging the overall averages.
Our Market Update provides detailed information regarding condos newly listed, pending and sold on Singer Island for the current month.
Enjoy this information prepared just for you!
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2015 has all the indications of being another great year for the Walker Real Estate Group; as the #1 Sales Team on Singer Island, our goal is to provide our customers a true concierge experience in all their real estate transactions. Trust, integrity and knowledge of the market is our number one priority.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].