“Promising” real estate results

If the pace of sales for the first six months of the year holds up, the island’s residential real estate business may match last year’s. Karye Carney at Islandia Real Estate reports 12 home sales have closed this year and are pending.  Last year, a total of 29 homes were sold. 

The condo business was showing some life, but not big numbers: seven units have been sold and four are pending, compared with six sales all of last year.  “Vacant land sales were very sluggish,” Carney wrote on her firm’s blog.  Only 24 parcels were sold last year, and so far this year 13 have gone to closing, with five pending.

Pricing-wise, not much change from our last survey in May.  The median price of a house on the Multiple Listing Service is $1.4 million, down from May’s $1.495 million.  The average price is $2.125 million, compared to $2.077 million two months ago.  A year ago, the average was $2.2 million and the median was $1.6 million.  In early July 2007, there were 126 homes listed for sale on the MLS.  There are now 119 offered.

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