Aug 1, 2016
Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.
New Listings were up 9.1 percent to 563. Pending Sales decreased 6.7 percent to 434. Inventory grew 2.1 percent to 2,442 units.
Prices moved higher as Median Sales Price was up 4.3 percent to $302,336. Days on Market decreased 9.9 percent to 136 days. Months Supply of Inventory was down 9.5 percent to 6.7 months, indicating that demand increased relative to supply.
If you want to make a little piece of The Island your own, you need more than just a road map and a REALTOR. You need a partner who can make things happen.
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