Home sales down, average price up

This is turning into a site about real estate, it would appear. Certainly it’s a popular subject.

The latest tidbits come from Islandia Real Estate’s Web site and its residential home sales update. Year-to-date, 25 homes have been sold on St. John, compared to 31 a year ago, a decline of 19%. Six home sales went to closing during June, July, and August.

For the year, the average sale price for a home is $2.09 million. Islandia said that number is "skewed upwards 40% due to the unusual number of high end market sales, four this year."  Homes sold in 2007 drew an average 7% less than listing price.

In the quartet of this year’s very expensive property sales was the island’s most costly home, ever, David Mugar’s property at Peter Bay. It brought $14 million. Interestingly, the house sold for 14% more than it was originally listed. 

This year, four homes sold for more than $3.5 million, three transactions between $2 million and $3,.5 million.  The "low end (under $2 mil) of the market (was) still moving well with 18 sold," Islandia reported. Only on St. John do you find homes priced at $21.75 million classified as cheap.

You can read Islandia’s third quarter real estate report here.

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