With the November numbers complete, the sales year is drawing to a close in fine form. The year long trend of activity in the low end of the market has continued. There have been some notable sales, most recently a Great Point Properties listing on Hulbert Avenue that closed in November for $16,500,000. In all the activity has been concentrated below $2,000,000. The dollar and transaction volume have been very healthy as a number of the indicators below suggest. One note: There was a sale of 70 plus properties for $30.6M in August that we have yet to incorporate into the statistics. Adding those transactions to the dollar volume brings us almost level with last year this time. And transactions will be running well ahead of November 30, 2012.
by Edward Sanford
Posted: September 24, 2013
As the Island's summer season winds down several market trends have become apparent.
The first notable market movement is the majority of sales of single family homes occurred under $2,000,000. Year to date there have been 174 home sales. 136 (or 78%) of transfers sold under $2,000,000. Additionally, there are 48 pending sales under $2,000,000. This popular price range is seeing tightening inventory pressures based on continued demand. There are currently 170 listings available in this range which is less than a one-year supply when you consider that the market has absorbed 184 houses (sold and pending) year to date. The driving factor behind this activity is the continuation of historically low interest rates and home values that are still below the heights of 2006. This price range will remain active if new and appropriately priced inventory comes to market and if interest rates remain low. Read More »
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