2023 Market Report

2023 Market Report

The analysis of sales data from 2018 through 2023, and the YTD figure for 2024, reveals the following market trends:

2019: Sales declined by approximately 39.18% compared to 2018. This indicates a significant downturn in the market.

2020: The trend of declining sales continued with a further reduction of about 32.40% from 2019. The market experienced continued challenges during this year.

2021: A dramatic turnaround occurred in 2021, with sales increasing by approximately 499.52% compared to 2020. This represents a substantial recovery and growth phase for the market.

2022: Growth continued, albeit at a slower pace, with an increase of about 11.55% in sales compared to 2021. The market showed signs of stabilizing with positive growth.

2023: The positive trend persisted with a modest increase of approximately 4.23% in sales over 2022. This indicates ongoing growth, though at a slower rate. The segment of real estate that had the largest increase were homes priced from $850,000 to $1.5m. Sales above $2m were flat.  Sales in urbanization projects and in the 'flats' stalled in the last quarter of 2023, while ocean view homes and mountain homes regained steam. Homes in the flats were sold at prices from the low $300,000's to the low $500,000's with a few homes sold at the mid $500,000.  Mountain homes with ocean or mountain views are traditionally on larger lots, and sold for the low $600,000 upto $850,000. Sales above $850,000 are grouped into the luxury home sales category in 2023. 

For 2024 (YTD as of February 5th), the sales amount to $12,000,000, which is approximately 11.92% of the total sales for 2023. This early figure suggests that if sales continue at this pace, 2024 could potentially maintain or exceed the sales performance of 2023, indicating a positive start to the year.

These trends highlight a period of volatility from 2018 through 2023, with significant downturns in 2019 and 2020, followed by a robust recovery in 2021 and subsequent years of positive growth. The early data for 2024 suggests a promising outlook, though it's essential to monitor sales throughout the year for a more comprehensive understanding of the market trend

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