In the first half of 2011, overall year-to-date real estate sales activity on Guam reached $165 million and increased by 28 percent compared to the first half of last year, according to Nick Captain, president of the Captain Real Estate Group.
The median price for single family homes also reached another record high in the second quarter of 2011 at $268,000 – up 26 percent from the second quarter of 2010. The median price also increased by $8,000.
This median price increase, Captain said, reflects a combination of more new homes sold and a rebound of activity in the high-end residential sector.
There was a sharp increase in single-family homes sold from the first quarter to the second quarter of this year by 31 percent, or 150 units sold.
As for the condominium sector, the median price is at $142,000 for the second quarter of this year, which is up 19 percent from the same time in 2010.
The overall increase during mid-year sales activity occurred despite a 37 percent decline in quarterly sales volume during the second quarter, Captain stated.
The islandwide sales volume remained about the same during the second quarter of 2011 compared to the same time last year at $20 million.
Despite an increase in real estate sales activity, the latest period reflected the second weakest quarterly sales volume in five years. The weakest real estate sales volume occurred in the first quarter of 2009.
According to the report, 2011 second quarter activity reflected 40 percent of the $160 million achieved during the peak second quarter of 2007.
However, sales remain roughly double the second quarter figures reflected from 2000 to 2003.
Single-family housing sales have been stable, according to the report, with between 140 to 160 units sold quarterly – relatively consistent since mid-2003.
There have been nine single-family homes sold priced above $500,000 and five condominium units sold priced above $300,000 during the latest quarter of 2011, which indicates the residential sector continues to recover from recent lows, said Captain.
