October brings colorful reflections noting the change of seasons, the end of the month long striped bass and bluefish derby and the beginning of the 4th quarter of the year.
The island real estate market that slowed a bit in August saw a huge surge in the number of sales in September. September leads the way, for number of closings in one month, this year (as it did in 2013) with over 50 closed transactions! Unfortunately that is where the good news ends as prices were down and days on market were up in both the month over month and year over year category. The year to date comparison (2013 and 2014) shows basically no change in the market which tells me the market is "steady"…no upward or downward trends.
Month/Year Sept/2014 Aug /2014 Sept/2013 2014(YTD) 2013(YTD) # Residential Sales 51 18 55 277 287
Average Price $911K $1.08M $1.134M $936K $925K
Median Price $565K $667K $660K $575K $589K
Avg. Days on Market 226 188 259 230 282
There are currently 80 properties showing "Under Agreement" in our system which should average 25-30 closings each month forthcoming. In the past 2 years we have seen 400 closings on an annual basis and I anticipate we will reach that number again in 2014. This trend continues to support the "steady" market we are experiencing. While many of the areas across the nation are experiencing a resurgence in the market, the island is not so fortunate. However, a steady market is better than a declining market.
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.
Doug Reece
Accredited Buyers Agent®
Certified Residential Specialist®,
Certified Luxury Home Marketing Specialist®
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