Month: December 2022

While I don’t mean to minimize the unprecedented nature of our real estate market, closer analysis of YTD sales illustrates some surprisingly “normal” characteristics.

I also like to tamp down the “irrational exuberance” we sometimes experience in our market. Sales of some pretty fabulous and expensive properties in town involving famous media or business personalities tend to define our market – at the expense of “the rest of the market” – which is – kind of normal, relatively speaking.

What may be surprising to some is that 72% of condo sales this year have been under $1M! That suggests a more “affordable” market than most expect.

There have been a total of 126 condo sales YTD.

18 sold below $500K. (14%) Two of these below.

73 sold between $500K and $1M. (58%) Two of these below.

32 sold between $1M and $2M. (25%) Two of these below.

2 sold above $2M. (2%) See below* Some may argue with these two as they represent multiple condo units selling as one, but I do want to be true to how MLS classifies sales as that is what the industry relies on.

Single family sales illustrate a different story as far as prices go BUT even in this category there is balance. 50% have sold under $2M – and 50% above $2M. There have been only 26 single-family sales YTD.

2 sold below $1M. (8%) See below.

11 sold between $1M and $2M. (42%) Two of these below.

11 sold between $2M and $3M. (42%). Two of these below.

2 sold above $3M. (8%) See below.

Does this seem to represent a more balanced market than we’d expect to see? Definetly. Do we live in an expensive market? Yes! But when 72% of condo sales sales are under $1M, that shows that we do have a broader and perhaps more affordable range of prices in our market for buyers to chose from. YTD sales range from a low of $300K to a high of $4.1M.

Watch for my complete year end report in early January.

See all available properties for sale at Beachfront-Realty.com.

126 condos and 26 single family homes have sold so far this year. Final year end figures will be avilable in early January. Yes these numbers are less than last year, in fact preliminary figures show close to 20% less condos have sold and close to half the number of single family properties have sold.

But – the buyers who have bought have good reasons to buy,

And they have mosy likely been in the market for a new home for some time.

And they were well prepared to act quickly.

And they are really excited to have puchased their dream home, or investment property.

In addition to these YTD sales there are 16 condos under agreement which will most likely close by the end of the year These have an average asking price of $798K and an average ppsf of $1,062.

Three of these below.

There are 7 single family properties under agreement with an average asking price of $2.786M and an average ppsf of $1,433.

Three of these below.

These sales and under agreements represent a lot of activity and satisfied buyers especially considering our chronic low inventory levels.

Year end figures will tell the whole story and with them we’ll be able to better prepare for the spring market of 2023. I don’t think any of us see huge changes in the upcoming spring market, but probably more of the same – a market allmost totally driven by inventory levels.

Full year end analysis will be available in early January.

See all available properties ast Beachfront-Realty.com.