September 15, 2014
And just like that…summer is over and the crowds are dwindling on the island. Where did the summer go? I hope you were able to spend some time with friends, family and relax a little.
Autumn not only brings cool air and colorful sights; it brings some "real" buyers to the island that are ready to make decisions! I expect the next 2-3 months to be quite busy.
The island real estate market slowed a bit in August, regarding the number of sales but values were up, both average and median:
Month/Year Aug/2014 July /2014 Aug /2013 2014(YTD) 2013(YTD)
# Residential Sales 18 27 38 219 232
Average Price $1.08M $768K $743K $949K $875K
Median Price $667K $575K $584K $575K $571K
Avg. Days on Market 188 139 196 228 287
The statistics show a significant decrease in the (month over month and year over year) number of sales, but an increase in the average price and the median price. Days on market are slightly up in July but still below 200 days and that is good! The YTD numbers (a better indicator of the health of the market) are all indicating a slight increase in the market values but the numbers of sales are still down about 8%! And "average days on market" is significantly down.
There are currently 91 properties showing "Under Agreement" in our system which should average 30 +/- closings each month forthcoming. In the past 2 years we have seen 400 closings on an annual basis and I hope we can reach that number again in 2014. To reach this goal an additional 90+ properties will need to sell before the end of the year.
Please let me know any questions or thoughts you might have.
Thank you for your trust and patience in what I do. All the best.
Accredited Buyers Agent®
Certified Residential Specialist®,
Certified Luxury Home Marketing Specialist®