RE: Dolphin Cay Condo Activity Update as of 3/31/16 From Deborah Eagan
Dolphin Cay condominium sales remained strong for the first quarter of 2016, with seven units selling an amount equaling to the high for Q1 for the past 4 years. During Q1 2016 almost $3.4 million in sales occurred at an average rate of $255 per square foot, just shy of the 12-month rolling average of $256 per square foot. With a few exceptions, the per square foot sales price for the condos that sold remained strong.
Dolphin Cay Condominium Units Sold Per Quarter
The overall statistics for the 12 month averages for 3/31/16 and 3/31/15 were very positive with a 22.2% growth in unit sales which translated into a 20.1% increases in dollar sales and a year over year growth rate of dollars per square foot of a healthy 5.4%. The unit sales trend is expected to remain strong as there are currently 11 Dolphin Cay condominiums listed “For Sale” and another under contract.
The chart below summarized the 12-month comparative condominium activity as of 3/31/16 to 3/31/15.
|Units||$ Sales||$ / Sq. Ft|
From the chart on Page 2, you can see that the rolling 12-month average price per square foot dropped slightly over the quarter to $256.45 versus $258.29 at 12/31/15. The drop is primarily related to the sale of one smaller unit that sold significantly below the average price. As such, we are anticipating an increase in the average sales price during the second quarter of 2016. The chart also demonstrates the rolling 12-month average of the pricing per square foot for all Dolphin Cay Condo sales (blue line). As of the end of March 2016 the price per square foot was over $256 with a trend that has been generally up for the past 2 years. This two-year trend represents a 9.3% increase. The other two graphs are the average price per square foot that I have achieved on my Dolphin Cay sales (green line) versus the average price per square foot for sales where I have not been involved (red line). I have sold over 52% of the dollar value for the past 12 months at a per square foot rate that is approximately 21% higher
han transactions where I have not been one of the agents. I believe this is a result of my firsthand knowledge of Dolphin Cay and our market and this translates into more value for our residents. In the past 13 months there have been 6 condominium sales above the $300 per square foot price, the first time Dolphin Cay condominiums have sold at these prices since the mid-2000’s. I have been either on the sales side or buyers side of all 6 of those sales including a sale in March 2016 in Building E at $310 per square foot.
As many of you know, I am a resident in Dolphin Cay and have a vested interest in helping my neighbors maximize the value of their homes. I am honored every time one of my neighbors puts their faith in me to help them sell or purchase a property. I have a tremendous record of achievement for my clients and in the past 12 months I have sold 15 condominium properties in Dolphin Cay and a single family home. It would be my privilege to help you with the marketing of your property. Feel free to call me for a confidential analysis of your home or to just talk.