March Statistics

Spring has sprung and the first quarter of 2013 is complete.  We’ve had a very busy first quarter experiencing the real estate upsurge so widely discussed,   As a participant in the Sales end of the real estate market it is clear that there are increased showings, pendings and sales including multiple offers on “well priced” listings.  Hesitant buyers are now becoming Purchasers.  Well priced properties are attracting multiple offers making for a quick sale. Inventories have declined 14-16% over the past 12 months in Residential and Condo classes. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are still near historic record lows which may help motivate would-be Buyers to go ahead and buy IF they can qualify for a loan.  Here’s the link to the Board of Realtors statistics report:  For the next few days we will discuss the different areas of the island and how these statistics point to certain directions.