Doug's October Musings

October has arrived but where is the autumn weather? October 1st was warm and balmy reaching almost 80 degrees! It was a good day for a swim.

Sales in September jumped to36 in number. This is a 50% jump from the number of sales in August 2011 and in comparison to August 2010; the number of sales are the same (37). The median sales price in August 2011 increased to $576,000 ($581,500 in Aug 2010) and the average sales price was $1,019,194 ($1.72M in July 2010). The average days on market are 240 (241 last year). These numbers show a welcomed increase in values and number of sales and the “under agreement” pipeline indicates that the next couple of months should also show a strong numbers of sales.

I included this month a list of all homes sold in your township so you can see specifically what is selling. Please let me know if you have any questions.

Interest rates continue to be historically low and will hopefully entice buyers to take advantage of what I see as a great opportunity to invest on the island. Five year ARM’s are available for as low as 2.5% and 30 year fixed as low as 3.99%. For specific information on all bank loans please consult with your preferred loan person as they can explain all the requirements for each loan.