Happy New Year everyone! I hope you all had a wonderful holiday. As we begin the year, I wish you all health, happiness and prosperity.
As promised, I have compiled 2012 sales statistics and compared them to 2011. Most categories are up significantly, which was not a surprise, it was a busy year. The one category down is oceanfront median and average sales price. Upon reviewing this further, this decrease was due to five of the eight sales being less than $1 million purchases. The value in the five sales was in the land and consisted of smaller and older properties. Some of these were purchased strictly for the land with plans to build new homes.
Click to enlarge.
Condo sales grew nicely from 2011 to 2012, most of these occurred at The Sanctuary. The biggest difference between the two years was the availability of financing. Wells Fargo has been the main source of mortgages at The Sanctuary and has certainly helped to boost sales. As we go into 2013 there are 56 homes and 30 condos available for sale, which is about 25% less than last year at this time. It seems like our market has stabilized in value and could improve if inventory continues to decline or stabilize at the current level. I’ll keep you posted.
Things continue to move forward with our sand replenishment project. Weeks Marine will begin mobilizing equipment soon and they are scheduled to complete the work by the end of April, weather permitting. They will be placing approximately two million cubic yards of sand on the beach from Little Island Park to the Dam Neck fence.
Again, Happy New Year to you all!
Aloha,
Pat