November Newsletter

 

November 5, 2014

Mother Nature delivered us a "whooper" of a nor’easter on November 1st and 2nd. We experienced 60+ mph winds, torrential rains and ferry/road cancellations; reminding us of the fragile environment we live in (and on).
  
I mention the fragile environment, not only because of the storm, but because of some island happenings that I think you should be aware of:
1. There is an increasing issue of excess nitrogen in all the island ponds, especially Lagoon Pond, Sengekontacket Pond and Lake Tashmoo. Please note that the nitrogen level in each pond has exceeded the allowable threshold resulting in a decline in eel grass and overall water quality. I am involved in some groups who are looking into changing this. Let me know if you want to get involved or receive information.

2. There is a recent movement by the Commonwealth to introduce sand mining in some of the islands rich fishing grounds. Sand mining is a technique of removing sand from the ocean floor to replenish beaches. Public comment is welcomed until 11/25/14 before policy is established. Let me know if you would like more information.

I will now "step down off my soapbox" and discuss the real estate market. October was another strong month with 42 sales and both average and median price well over $1M! We have not seen both average and median prices above $1M in the same month for some time. As with last month, the YTD numbers are a "reality check" of the good monthly news. The YTD news indicates we are still in a steady market with the number of sales slightly below last year and prices basically the same. However, a steady market is not a declining market!
Month/Year              Oct/2014           Sept /2014           Oct/2013          2014(YTD)         2013(YTD)
# Residential Sales           42                       51                       44                      319                      331
Average Price                $1.36M              $911K                $1.40M               $992K                 $989K

Median Price                 $1.21M               $565K                 $670K               $595K                 $597K

Avg. Days on Market      190                     226                      188                    224                      269

There are currently 83 properties showing "Under Agreement" in our system which should equate to 25-30 closings each month forthcoming.

Have a great Thanksgiving Holiday. Enjoy your time with family and friends.

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®