Yesterday, someone asked me for some general data on the Utila real estate market. I thought I'd share with you just a little snapshot of property sale data taken from the Multiple Listing Service (MLS) for Honduras. The MLS is a search-able database of properties which shows you all available properties around the country, viewable from each real estate agent's websites, should they choose to use it. Check out our home page and scroll down to see our Portal, which is basically a window into the store of Honduran properties for sale. In another blogpost, I will walk you through some searches you can make to find the right property for you.
On the green line labelled "Totals" it shows that the Utila market as a whole, compared with the same year prior, has growth in all sales areas of 1,100%! The "PCT" column indicates the percentage growth when compared with the previous year. Another remarkable item to note is that residential lot sales are skyrocketing, increasing by 900% over the previous year. This is usually a good indicator that you'd best purchase your piece of paradise now! Utila is a small island with the majority of people living within a few square miles of each other. Prices always increase with more demand than supply.
This table shows Utila's data based on the properties sold in the MLS. "This Year" is the year ending today to the same date in 2014. "Last Year" as a comparison is from the same dates, but from 2013-2014. The MLS is a great tool providing historical data that helps in determining listing prices for current properties for sale, projections for the future, and data mining.
Thankfully, Utila lags behind Roatan in growth and development, but Roatan's data is a good indicator of what is to come on this lesser-known island we all call home. Although Utila will happily never catch up to the population on Roatan, their property data is exponentially greater than the data from Utila. This is due largely to the fact that most agents did not place their property listings on the MLS, as there was little need with such a small market. Hence it's difficult to provide accurate information based on such little data. However, Roatan statistics can be consulted when projecting and determining real estate information in Utila, with the use of a 'correction calculation' to tweak the data for Utila. Do you want to know how Utila data compares to our neighboring island of Roatan?
If you like this post, and if there is any specific information you would like to see, just ask me, and I'll see what I can do.
Tomorrow's post will show how Utila data compares to Roatan's. Stay tuned...
To better serve retirees & those seeking a slower pace of life in the Caribbean, I became the First and Only Accredited Buyer's Representative in the country of Honduras. This means you can be assured of the best representation of your real estate needs, like no one else can.