The number of sales for residential real estate has increased in 2014. Residential listings under contract have increase by 11%.
The total sales volume from January 1 to December 31, 2014 on residential properties (condos & houses) is up by a 30 percent to $264,777,000 US Dollars. The average sales price is up by 13 percent to $746,000 US Dollars. The total number of sales is up by a 15 percent to 355 units.
The condo market is starting to develop nicely compared to 2013. The total sales volume is up a 49 percent to $63,595,000 US Dollars and the average sales price is up by a 20 percent to $393,000 US Dollars.
Sales for single-family homes are up by 24 percent to $201,182,000 US Dollars. The average sales price is up by 15 percent to $1,042,000 US Dollars.
Although activities have slowed down significantly due to hurricane Odile but it has been picking up and I'm looking forward to a great 2015. By March, the hotel rooms should be back to almost 100% and most of the flights will be back to the normal schedule. Pending sales in 2014 are up by 11 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 decreased from 91% to 90% and for single family homes it increased from 87 – 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.