Local real estate agents continued to live off slim pickings last month, with only 12 houses on the peninsula (south of the golf course) selling during July.
However, with a couple of exceptions, most houses sold for (just) more than their RV, with only 3 of the 12 selling for less. One unit – up in Stanley Point – went for 22% above its RV.
The market appears to have lifted out of the miserable doldrums it found itself in back 2010, and demonstrated a slow path to some form of recovery over the course of 2011, as the price delta graph indicates below. Volumes can be clearly seen improving in three steps in the last 12 months, and time to sell has also decreased markedly, with many of the houses that were stuck on the market for months now gone.
Having said that, the twelve houses sold in July represents the lowest number sold since January, although fewer houses tend to exchange hands in winter and it’s at the same level as last July. It’ll be interesting to see where the August stats head; back in 2010 they fell further, although prices were much worse back then, so a fall in volumes in August wouldn’t compare to the kind of hole the market was in 12 months ago.