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Monday, November 8, 2010
Wednesday, November 3, 2010
Doug's November Reflections
Halloween came and went, as did the beautiful full harvest moon of October. The beginning of November is always a quick reminder that winter is soon to arrive.
The sales statistics for “year to date” are encouraging in comparison to the same period in 2009. The total number of units sold so far this year is 324 compared to 238 in 2009. This total already surpasses the total number of sales in 2009! The average price is $979,000 compared to $935,000 in 2009 and the median price is $550,000 compared to $527,500 in 2009. Additionally the average days on market dropped to 308 from 337 in 2009.
There are presently 63 properties “under agreement” on the island.
All of this is good news and a strong indication that we hit the bottom of the market in 2009. Be aware, however, history tells us that once we hit the bottom of the “cycle”, we will stay there for about 3 years before seeing any significant increase in values.
Interest rates continue at historic low levels and should continue to help fuel the market. I anticipate sales for the remainder of 2010 to be steady and this will help for a strong winter/spring market on the island.
The sales statistics for “year to date” are encouraging in comparison to the same period in 2009. The total number of units sold so far this year is 324 compared to 238 in 2009. This total already surpasses the total number of sales in 2009! The average price is $979,000 compared to $935,000 in 2009 and the median price is $550,000 compared to $527,500 in 2009. Additionally the average days on market dropped to 308 from 337 in 2009.
There are presently 63 properties “under agreement” on the island.
All of this is good news and a strong indication that we hit the bottom of the market in 2009. Be aware, however, history tells us that once we hit the bottom of the “cycle”, we will stay there for about 3 years before seeing any significant increase in values.
Interest rates continue at historic low levels and should continue to help fuel the market. I anticipate sales for the remainder of 2010 to be steady and this will help for a strong winter/spring market on the island.
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