The number of sales (closed transactions) for residential real estate has increased a 7% to 130 transaction in the first four months of 2015. Residential listings under contract decreased a 46% to 96 units.
The total sales volume from January 1 to April 30, 2015 on residential properties (condos & houses) is down by a 35 percent to $52,351,000 US Dollars. The average sales price is down by 40 percent to $403,000 US Dollars.
The condo market has suffered a little bit more then the single family homes market.The total sales volume is down by 27 percent to $20,034,000 US Dollars and the average sales price is down by 8 percent to $371,000 US Dollars.
Total sales for single-family homes are down by 39 percent to $32,316,000 US Dollars. The average sales price is down by 57 percent to $425,000 US Dollars.
The percentage of list to sold price for condos are stable at 89 percent and for single family homes decreased by two percentage point to 87%.
Specially the higher end market is suffering with most of the luxury high end hotels still under renovation. The lack of the highend buyer is pushing the average sales price down. With the Palmilla One&Only open we should be seeing an increase in the high end sales.
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.