It is hard to believe that Labor Day has arrived (official end of Summer), the kids are back in school, and college football is underway. August and September tend to be the quite months and time to prepare for the upcoming Season. Year-to-date listings and sales have stayed relatively consistent with this time last year. Let’s take a closer look at the results in oceanfront condominium re-sales through August 2015 on Singer Island:
- There have been 139 condo re-sales on Singer Island through August 2015. The sold prices averaged 94% of list price.
- Year-to-date 52% 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 August dropped to 162 (approx. 5.4 months).
- There were no short sales in August.
- The highest re-sale in August was Ritz Carlton Residence 1603A for $3,350,000 (a Walker Real Estate transaction); and the least expensive sale was Phoenix Towers B-4C at $215,000.
- As of the end of August, condo inventory increased 8% to 161 units.
- Price per square foot of the older condos (built 1969-1989) decreased slightly to $280; and the price per square foot of the newer condos (built 2003-2008) increased 7% to $561 through August 2015.
The Singer Island Real Estate Market Continues to Improve!
2015 has been an unusual year for the real estate market. It has not followed the traditional trends of seasonal peaks and summer valleys. It is normal to see intense activity in the first quarter of the year both in listings and sales followed by a summer slowdown as the snowbirds head back north for the cooler weather. Not so this year; the norms seem to be defied. As one can observe from the accompanying chart, sales were relatively flat in the first quarter of 2015 and started to peak in the second quarter, a stark comparison to 2014.
The more dramatic comparison can be made with new condo listings taken in the first eight months of 2015. There was an impressive increase in new listings during the second quarter of 2015. Overall 2015 has seen a doubling of new condo listings compared to this time last year. This demonstrates that owners have become more optimistic, with the increase in home values, and are ready to sell their properties.
Buyers are taking advantage of low interest rates and find real estate to be a secure investment again.
In the coming months before Season, it will be interesting to see if the condo real estate market will continue along this unusual path. If that happens, Autumn will be very active!
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!
CALL us today if you are thinking about selling or buying! Your referral is our best compliment!
2015 has become another great year for the Walker Real Estate Group with over $33 million in transactions booked to-date. 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 are our number one priority.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected].