2nd Quarter Statistics - Shelter Island Sales

With August 2013 upon us, the real estate market has already swept into full action. Shelter Island homes listed for sale in every price category are being shown by nearly every real estate agency on and off Shelter Island. 

The statistics are in for the 2nd quarter which are indicative of what the media has been reporting about an increase in sales throughout the NY Area, with Shelter Island being no exception. 

The Shelter Island Stats 
April-June 2013:                                
                          # Sales  2012          # Sales  2013
Median Prices        16      $600k            18      $942,500 
Average Prices              $1,020,500               $1,155,347
Total Volume in Dollars  $16,328,000             $20,796,250  
 
YTD Median Prices          $550,000        31       $721,000
Average Prices                861,009                   $953,137
Total Volume in Dollars $23,247.244                $29,547,250 

The year to date volume 2013 versus 2012 shows an increase of 27.1% with an increase in median price of 31.1%. 

Existing inventory continues to be "cleaned out" with two recent sales with several others recently in contract: 

-A harborfront home on 2.5+ acres listed 9/08 for $3.3m, reduced several times with the last offered price $3,195m, sold 7/13 for $2,875,000

-A bayfront home with pool and dock on 1+ acres listed 3/11 for $3.2m, reduced twice with a last offered price of $2.4m, sold 7/13 for $2.2m 

30 year conventional mortgage rates are still in the 4% range and jumbo loans are available in the 5% range, but with news of the Federal government reducing economic stimuli because of a more robust economy, more buyers are jumping into the home buying process with pre-approvals in hand. 

This past week, late August rental customers continued to search for homes with many good rentals still available for both full and partial months.  Many customers, landlords and real estate agents have said "what happened to this rental season?"  With cool and rainy weather in the spring, family-oriented holidays that were spent elsewhere, spring break, and graduations, the majority of the rental transactions occurred when there was still snow on the ground.

Each year I advise both Landlords and Tenants that no one really knows when the rental season in earnest begins and ends. With the turnover from July to August rentals, and new homeowners who closed in July settling in, Shelter Island will seem new to many but will feel wonderfully unchanged and summerlike to most.