June 4,
2013
The
island is gorgeous right now with all the “rhodies” and other flowering plants
in bloom across the island. Today is a
fabulous blue sky day!
The real
estate market has been a bit sluggish in the past few weeks. This is a very typical scenario since mid-May
brings college graduations, spring youth sports, high school proms and June
welcomes high school graduations. These
activities keep many potential buyers focused on family activities and not in
second/vacation home shopping. I expect
activity will increase before the end of June.
There
were 32 residential sales in May (avg. price $882K and median price $576K)
compared to 28 sales in April 2013 (avg. price $936K and median price $505K)
and compared to 36 sales in May 2012 (avg. price $805K and median price $452K). So, the average price is down a bit from last
month but UP(10%) from the same month a year ago. The median price is WAY UP
when comparing month over month and the same timeframe last year. This is a good sign! The YTD totals reflect the same: Although YTD 2013 shows a decrease in the number
of sales, I am not going to use these numbers any longer. As I mentioned before the “fiscal cliff”
scare at the end of 2012 accelerated the number of sales in December 2012 and
therefore “STOLE” a good number of sales that would have occurred in 2013. Thusly let us look only at the prices and
days on market when comparing YTD totals.
The YTD(2013) average price is $888K and
median price is $580K compared to 2012
YTD sales with $921K avg. price and $522K median price. These numbers show the average price declined
(by 4%) while the median price is up (by 11%).
These numbers are very positive since the “decline in average prices is
less than last month YTD totals and the median price increase is consistent
with that of last month. The only
negative I see this month is the average “days on market” which is up to 342 days in 2013 compared to
260 days in 2012.
I know
these statistics may make your “head spin” somewhat but the bottom line is for
the first time since the beginning of the year I am seeing more positive than
negative numbers in the Vineyard real estate market. Here’s to a HEALTHY market the remainder of
2013.
Lastly,
interest rates have ticked up a bit which will help those buyers who are
“sitting on the fence” jump into the market and purchase.
Please
let me know any questions you might have about how this prediction affects your
property. As always, I appreciate your trust and patience in what I do. All the best in real estate and otherwise.
Certified Luxury Home Marketing Specialist®
Accredited Buyers Agent®
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