Oct 27, 2016
As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.
New Listings were up 3.4 percent to 522. Pending Sales increased 18.2 percent to 364. Inventory grew 3.3 percent to 2,407 units.
Prices moved higher as Median Sales Price was up 2.1 percent to $289,750. Days on Market decreased 5.8 percent to 129 days. Months Supply of Inventory was down 2.9 percent to 6.6 months, indicating that demand increased relative to supply.
In general, today’s demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.
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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