Last week’s post suggesting home buying may be picking up looks
Results for the first three months of the year are in. They are dismal. According to Islandia Real Estate’s Web site, there were only two homes which went to closing in the first quarter. A house in Catherineberg and one at Rendezvous were purchased for a total of $5.26 million dollars. That’s an average price of $2.63 million.
The average home price in 2007 was $1.98 million, including the record-setting $14 million Mugar property at Peter Bay.
“Though the numbers do not show it, there is much more real estate activity this year than last, with a lot of people looking,” said Merry Nash, president of Islandia. “I expect to see a lot more contracts in this quarter than last, particularly in commercial and development properties as those in the know look forward to a prosperous future for St. John.” She said the slump in sales is not resulting in bargain pricing. “Though there are a few really motivated sellers, prices in general are holding firm.”
Real estate sales activity: http://www.islandiarealestate.com/statsummary.cfm