The number of sales for residential real estate has increased in the first five months of 2014. Residential listings under contract have increase by 21%.
The total sales volume from January 1 to October 31, 2014 on residential properties (condos & houses) is up by a 21 percent to $249,215,000 US Dollars. The average sales price is up by 21 percent to $681,000 US Dollars. The total number of sales is up by a 14 percent.
The condo market is starting to develop nicely compared to 2013. The total sales volume is up a 46 percent to $42,372,000 US Dollars and the average sales price is up by a 18 percent to $369,000 US Dollars.
Sales for single-family homes are up by 34 percent to $187,153,000 US Dollars. The average sales price is up by 26 percent to $945,000 US Dollars.
Although activities have slowed down significantly due to hurricane Odile, I think we will still have a great season going into 2015. By then the hotel rooms should be back to about 90% and most of the flights will be back to the normal schedule. But it will be a slow recovery. Pending sales are up a 24 percent so that makes me believe that we have hit bottom and we will see prices stabilise.
The percentage of list to sold price for condos has raised from 90 – 92% and for single family homes from 88 – 90%.
If you would like to receive an update on a specific neighbourhood please let me know and I'm more then glad to provide you with the numbers.