When people ask us, “How’s the market?” there are four statistics we can point at to gauge its health. Here they are.
Everyone has been asking us about the real estate market lately. To give you the answer, we’re going to look at four different categories:
1. Sold homes. In 2017, we had about 4,000 of them. It’s been right around that mark every year since. We’re still on track for 4,000 home sales this year after having roughly 1,000 in the first quarter of 2020.
2. Median sale price. This is a measure of price where half the homes that sold were above it and half the homes that sold were below. In 2008, the median price was $623,000. In 2011, it dipped to $575,000. Today, we’re at $776,000 which tells us that the market is still stable and increasing.
3. Average sale price. This is a measure of the average price of all the homes that have sold. It gives you a better idea of what homes are selling for than the median price does. In 2008, it was $791,000. In 2018, it was 993,000. Year to date we’re at $944,000, which means average prices are still stable and holding.
4. Foreclosures and short sales. We peaked back in 2010 with 862, but year to date we’re at just 69 after seeing only 191 last year. Granted, we may see some different numbers next month with about 20% of the island becoming unemployed, but the fact is that there are a lot of homeowners with a ton of equity in their homes, which is much more than in 2008.
If you have any questions for us, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
