Monthly sales report
Posts refer to sales on the MLS and do not include land or private contracts.
Figures are approximations but best efforts are made for them to be accurate.
As always take everything you see, hear, and read with a bucket of salt!
Summary, if you see it and you like it make a good offer!
July is here and unfortunately, the trend continues of a lowering of residential inventory that is available to sell. There is an increase in lot availability which is keeping the total inventory the same. This makes sense as there is plenty of land still available on the island and if people can't buy a house they want to build one. On a superficial level, anyone living here can tell you how it feels like there is building going on everywhere.
This graph shows how we are moving into a seller's market. Property is selling far faster and slowly the days on market are being forced down. That is a large change over such a short period and the trend is unmistakable.
I generally have been relaxed in the past about buyers making offers that time is definitely now past! We are now in a market where if your agent makes a mistake that allows the seller to get out of the contract they may happily do so to take a higher offer. I have even seen one example of a property being sold before it had time to be fully listed on the MLS. These are obviously anecdotal reports but the absorption graphs for residential and lots show a steady and ongoing trend in a seller's market.
As such pricing is going up. Whereas in the past an offer of within 10% was generally acceptable now sellers are expecting very close to the asking price if not asking.
Unfortunately, we are also getting a few people listing property too high and thinking they will get it. There are always agents willing to take a listing even one that won't sell to help them advertise. If you are looking for a good no-nonsense listing agent I have two I recommend depending on your location and other factors. Either one will tell you the truth and make sure it gets sold. I was looking at a newly listed house this morning that listed for near 500K when other better houses around it recently sold for 50K less. The agent details say full price offers only (figures disguised). Maybe they will get lucky but this is a trend I am sure will continue.
Putting any kind of solid mathematical model together of Roatan is almost impossible because of the small sample size but the trends to me are obvious and I can draw at least 3 easy conclusions.
Inventory for the moment will remain very tight
Prices will continue to rise.
We are going to see a lot more buildings going on the island as builders see the opportunity around them.
Another month with a lot of properties going under contract and closing.
I do not normally write about price changes since they are so easy to look up using the MLS portal but it is worth noting that several properties have been withdrawn and relisted with higher prices. This is again indicative of a lack of inventory.
Pending sales jumped in April with 20 properties entering into contracts with a total list price of around 8.4 million with several million-plus properties being sold.
April was another bumper month for sales. Over 15 properties on Roatan closed with a total valuation of 4.4 million. The average sale price (290K) was a little lower this month but this was probably skewed by the popularity of the Jardines de Catalina project in West End. See my favorites. As always monthly figures have to be interpreted with an overall knowledge of the island. THere are not enough monthly sales to give but a general feeling of the market as one large sale or many small ones can influence the figures tremendously.
The median was around 300K.
The days on market before sales continue to contract as the lack of inventory and growing demand is pushing up prices and moving property faster.