Condo sales on the island were up 27% from the previous month but were down 18% from January 2011. This may seem to contradict our statement about why sales are increasing for island homes. However, our experience indicates that more retirees buy houses rather than condos. More condos are sold as 2nd homes and so the condo market on the island or on the mainland will not be as brisk as sales for primary homes and investments.
The highest sale this month was $2,500,000 for a condo in OceanPark, but still a slow month for higher priced condo sales. The next highest was in Sea Quay for $545,000. At the lower end, one each sold in Vero Cruz and Sea Watch for $144,000 and $162,000. We look forward to a good selling market for Island Condos this season, especially at the mid and high end as inquires are increasing. Inventory of condos on the barrier island went up minimally from 361 units last month to 364 units in January.
