This holiday week things are a bit quiet on the Island. There have been 8 new listings with a median price of $2,450,000. This is a deceiving number as several of these listings are co- or tri-listings. Agencies here on the Island often share the listing agent side of a property. Homeowners believe this gives them more exposure - it doesn't. Wouldn't a prudent business person advertise their exclusive offerings more often and in more visible places? Agents believe this boosts their inventory, and it does, but they forget about the shared liability that comes with a co- or tri-exclusive listing. I hope they have their E&O insurance premiums up to date!
6 properties had price changes (all down - as if you didn't know) this week. The Average Price is now $1,696,167, but as we've discussed before, the more important number - the median - is $599,000. Average days on the market for these properties? 254 days (so far).
1 property sold in the last 7 days (that's assuming that agents are entering their sales data on time and accurately). That one property - in Chilmark - sold for $2,200,000. It was on the market for 811 days! A long time!
As the holidays approach, many homeowners and prospective purchasers turn their focus to other life happenings. I hope your life is filled with the happiness and generosity that the holidays bring.
Susan
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