“Eeerily quiet” real estate market

It’s been a slow year for many of the island’s 100-plus real estate sales people.

Christie O’Neil at Holiday Homes reports 14 houses that were on the Multiple Listing Service have sold, to date.  A third of the properties were on the Coral Bay side of the island, the rest nearer to Cruz Bay. She said there are five homes with contracts pending, as well as deals
targeted for closing on eight land parcels and six condos.

“The real estate market has been eerily quiet this summer,” O’Neil wrote in an e-mail to island property owners, “but that is not unexpected due to the global economic slowdown, and the market’s always slower during Presidential election years.”

The total value of real estate transactions on island this year is $80 million, she reported.  That compares to last year’s $128 million.  The average value of all transactions, including homes, land, condos and timeshares, is $690,000, down 26% from last year’s $941,000.

“Never the less,” O’Neil wrote, “We are gearing up for a good season and anticipate a positive change after the election in November!!”

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