FEBRUARY MARKET REPORT
STATISTICS & ANALYSIS
MONTH VS. MONTH SALES AS OF FEBRUARY 28, 2025
YEAR-TO-DATE SALES AS OF FEBRUARY 28, 2025
2025 is here and off to a great start. In February, the island saw $85.4M in total dollar volume, a 54.2% increase from February 2024. Transactions were also up on a monthly basis; we saw 23 transactions this month compared to 13 in February 2024. This represents a 76.9% increase. Year to date in 2025, we have seen $210.6M in total dollar volume. This is up 27.2% from the $165.5M we saw through February last year.
Meanwhile, transactions are also green for the year, up 48.6% from prior. February is usually the quietest month on the island for real estate transactions. That said, in terms of dollar volume, this month was the 2nd largest February in island history, thanks to several eight-figure transactions.
FEBRUARY MARKET REPORT
ALL SALES AS OF FEBRUARY 28
HOUSE SALES AS OF FEBRUARY 28
LAND SALES AS OF FEBRUARY 28
TRENDS & TRANSACTIONS
Given that we are early in the year, a couple of large transactions can influence the data significantly, as seen this month. A significant trend we saw in 2024 was a record number of $10M+ home sales; there were 21 of these transactions last year. This month, we saw 3 homes close for over $10M, bringing our year-to-date total to 5. This is the most we have seen to begin a year in this segment. The $10M+ market has shown continued strength and does not show signs of slowing down. This speaks volumes to the amount of property appreciation we have seen on the island over the last few years.
Additionally, pricing listings appropriately has proven to be as important as ever. In 2024, there were 278 homes sold on the island. The average sale to original asking price was 92%, with an average days on market of 100. 40 of these sales were on the market for 180 days or longer. Those 40 properties had an average sale-to-original asking price of 83%. This shows that the sales price ultimately suffers when a property is listed at an aspirational price.
Should you be interested in a formal opinion of value of your property, please reach out, and we would be happy to walk you through the process.
*Market data and analysis provided by GPP agent Ethan Ulmer*
FEATURED LISTING | 60 CLIFF ROAD, $7,950,000
THE CURRENT MARKET AT A GLANCE
$6M
AVERAGE ASKING PRICE OF AVAILABLE HOMES
168
AVERAGE DAYS ON MARKET OF AVAILABLE PROPERTIES
111
AVERAGE DAYS ON MARKET OF PENDING PROPERTIES
131 AVAILABLE PROPERTIES
27 NUMBER OF PENDING SALES
