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QUARTERLY UPDATE – October 2006
3rd Quarter Market Report
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Sales Year-to Date |
Current Inventory |
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Number of Sales |
Average Price (Median) |
Current Inventory |
Price Lowest |
Price Highest |
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HOMES |
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|
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Waterfront Homes |
18 |
$920,000 |
23 |
$835,000 |
$10,200,000 |
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Marine View Homes |
32 |
$515,000 |
29 |
$399,000 |
$2.500,000 |
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Inland Homes |
31 |
$400,000 |
17 |
$175,000 |
$1,495,000 |
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PROPERTY |
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|
|
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|
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Waterfront Prop. |
5 |
$399,000 |
6 |
$495,000 |
$2,125,000 |
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Marine View Prop. |
29 |
$240,000 |
30 |
$199,000 |
$1,500,000 |
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Inland Prop. |
23 |
$145,000 |
31 |
$149,500 |
$1,750,000 |
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OTHER |
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Condominiums |
4 |
$127,000 |
6 |
$128,500 |
$825,000 |
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Commercial |
7 |
$750,000 |
9 |
$195,000 |
$3,500,000 |
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TOTALS |
152 |
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153 |
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REFLECTIONS
Sales:
In
2005, there were 225 sales. At midyear, the number of sales were down about 25% from this time last year. Now, because of a good 3rd quarter, we are only down 10% for the year
Inventory:
For more than 2 years, our inventory
has hovered around 125 listings. At midyear, our inventory was up to 171. Today, there are a total of 153 listings. Again, a good 3rd quarter but still our inventory is up.
Prices:
Median prices in all categories of houses and land sold are down from July, in some cases by a large amount. However, many of those sales in the 3rd quarter were negotiated before July 1st.
The 3rd quarter was a reasonable one, neither good nor bad. For those who saw a slide or a bursting of the bubble, we think it is more accurate to conclude that our market "settled" a bit. We look forward to a strong 4th quarter.
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