Thursday, August 9, 2012

Statistics Show Rebound

August is here!  Unbelievable how fast the summer goes.  This is the month where tourists flock to the island in search of the perfect beach day, a wonderful meal at their favorite restaurant (Outermost Inn is mine) or just a chance to relax. 

Residential sales in July totaled 26 in number, a jump from 17 in July 2011 but down from 29 sales in June 2012.  The median sales price in July 2012 is $562,500 ($509,500 in July 2011 and $661,250 in June 2012) and the average sales price was $827,036 ($787,203 in July 2011 and $1,079,241 in June 2012).  The average days on market is 274 (241 days last July and 198 days in June 2012).  The July 2012 numbers indicate a stronger market in comparison to July of 2011 while the month to month numbers indicate a weaker market. 

Since a month to month comparison of statistics or even comparing same period this year to same period last year show a sharp difference, I think it best to take a YTD(year to date) look at the numbers.  For YTD 2011, there were 200 sales with an average price of $912,361 and a median price of $551,250.  In comparison, for the same period 2012, there were 265 sales with an average price of $890,599 and a median price of $505,000.  So even though the number of residential units sold are up YTD (a 33% increase), the average price is down 2% and the median price is down 8%.         

National and Massachusetts statistics are showing a rebound in real estate values and # of sales. Interest rates continue to be historically low.  I hope that these trends will help fuel our island market and buyers will be enticed to take advantage of the current market conditions.

Enjoy the rest of your summer and here’s hoping (fingers crossed) that a buyer for your property is in the near future.  As always, thank you for your trust and patience in what I do.

All the best...and with a smile.

Doug Reece