Higher-priced residences are responsible for a rising inventory of homes for sale on island. With 98 residential properties now on the Multiple Listing Service, the median price of a home has moved up $200,000 to $1.9 million. The average price continues at about $2.17 million.
In previous seasons, real estate sales people lamented a lack of selection when inventory totaled less than 45 houses. Now, with nearly 100 properties, one sales person said buyers have more from which to choose and that is leading to lots of viewings and some contracts.
In commercial real estate, another popular Cruz Bay restaurant has been listed. Morgan’s Mango is being offered for $960,000. This is not the first time Morgan’s has been for sale; previously the asking price – last season, and I believe the season before, – was $1.2 million.