MARKET REPORT July 12th 2018
The statistics for properties sold during the first six months of 2018 are starting to take shape. Closings are reported to Suffolk County which reports the numbers to the Town. Because there are delays between actual closings and when each Town receives the information, a combination of our own database, used throughout the East End of Long Island, and County and Shelter Island Town reports are what I refer to for insight to the numbers. As closings continue to be reported, final numbers will likely not be complete until later this month, however here is the real time snapshot comparing 2017 to 2018 year-to-date:
16 Westmoreland Drive, a 5 bedroom, 3 bath cape built in 1965 on 1.07 acres with pool on bayfront, listed 9/20/13 for $2.75m, last listed at $1.95M, sold for $1.715M on 5/6/18
Period 1/1/18 – 7/10/18 1/1/17 – 7/13/17
1 Sandpiper Road, a 4 bedroom, 3.5 bath traditional built in 1967 on 1.1 acres with pool, listed 5/10/17 for $1.4M, sold for $1.275M on 2/15/18
# of Sales 28 21
Total Sold 27,220,350 26,215,000
Median Price $942,500 $925,000
In 2018, the highest sale year to date has been $1,950,000 while in 2017, the highest sale for the same time frame was $4,504,500. In contract and waiting to close are 8 transactions totaling $11,595,000 based on last asking price. Several transactions, when sold and closed, will provide a solid foundation to the market with strong numbers. The 4th of July holiday week was active in our real estate market, with showings in all price ranges. Customers included those just entering the market and others who have been on the hunt for an extended period of time and who have just re-invigorated their home search. As expected, 4th of July having landed on a Wednesday, offered both sellers and buyers ten days of overlapping long weekends with good weather. After a long winter and a spring filled with inclement weather, everyone welcomed the first real glimpse of summer and the return of an active real estate market. The inventory continues to be light in every price category from starter homes to estate homes, but also provide excellent opportunities for buyers. During the first half of 2018, the lowest price home sold was $600K with 5 sales from $600K to $700K; 3 homes from $849K to $885K; 5 homes from $940K to $999K; 5 homes from $1.050M to $1.3M and 3 waterfront homes: $1.715M and two at $1.95M were at the top. The statistics for the first half of 2018 point to more transactions being completed at lower price points than for the same time frame in 2017, however summer and autumn in the last three years have been periods where higher priced sales have transpired.
4 Simpson Avenue, a 3 bedroom, 2.5 bath renovated farmhouse built in 1935 on .53 acre listed 9/30/17 for $1.395M, sold for $1.3M on 1/10/18 4 Winthrop Road, a 6 bedroom, 3.5 bath farmhouse built in 1950 on .37 acre with pool, listed 2/15/18 for $1.395M, sold for $1.2M on 4/12/18
157 North Ferry Road, a 5 bedroom, 3 bath Victorian built in 1900 on 1.74 acres comprised of two lots, one creekfront, listed 5/13/17 for $1.25M, sold for $995K on 5/8/18. The .83 acre creekfront has been re-listed by the buyer for $835K. 2 Margarets Drive, a 4 bedroom, 2.5 bath contemporary built in 1987 on .98 acre with deeded water rights and pool, listed 4/2/18 and sold 6/22/18 for $1.055M 20 Terry Drive, a 4 bedroom, 2 bath contemporary built in 1984 on .52 acre with deeded beach rights and pool, listed 7/14/16 for $875K, sold for $885K on 6/25/18 143 North Ferry Road, a 4 bedroom, 1.5 bath farmhouse built in 1893 on .47 acre, listed 7/4/16 for $795K, sold for $600K on 3/1/18 12 North Menantic Road, vacant land, 11.7 acres, listed 8/12/17 for $2.135M, sold for $1.575M on 6/1/18 6 Lord's Lane, vacant land, 2.2 acres creekfront with dock, listed 4/15/16 for $1.58M, sold for $1.1M, on 6/27/18 4 Oxford Avenue, vacant land in the Heights, .37 acre listed 7/9/17 for $485K, sold for $400K on 1/8/18 47 Lake Drive, vacant land, 1.2 acres listed 11/10/16 for $469K, sold for $445K on 1/31/18
Vacant land has been an option to buyers who had been looking for a home and decided to build their own.
17 North Midway Road, vacant land, 1.01 acres listed 5/10/17 for $395K, sold for $345K on 6/18/18
Here are some highlights of sales from the first half of 2018
For every offer that has been negotiated, agreed upon and has gone to contract, there have been many more offers that have not resulted in a handshake between buyers and sellers. With the coming of summer weather, enthusiastic buyers are aiming to invest on Shelter Island. Sellers who have prepared their properties to show for the selling season are receptive to an agreement and going to the closing table.
14 Peconic Avenue, a 3 bedroom, 2 bath ranch built in 1959 on .5 acre with pool on creekfront, listed 8/23/17 for $2.1M, sold for $1.95M on 6/27/18 68 Peconic Avenue, a 3 bedroom, 2.5 bath ranch built in 1954 on .74 acre with pool on soundfront, listed 6/12/17 for $3.125M, last listed at $2.75M, sold for $1.95M on 6/10/18
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Penelope Moore Shelter Island Market Reports 2017 and 2016