We continue to see an increase in activity from buyers with 7 homes, 3 condos and 3 land parcels recently contracted.   Year to date sales are mixed with 10  homes actually closed compared to  11  this time last year.  Condo sales are 1 so far this year and 4 last year.   Land sales are 14 closed to date this year  and 10 closed to this date last year.
The majority of purchases continue to be cash sales. One surprise is the number of higher priced land parcels sold, mostly on the north shore. Last year most of the land sales were around $100,000 or under.
I am happy to report that Islandia  year to date not only leads its nearest competitor in volume of listings ($168M)  by over $55M but we also have the highest number of sales and largest sales volume of any agency on St. John at $5.8M total sales compared to our nearest competitor at  $3.3M.  Our average sale was $836,000.  Average of all MLS home, land & condo sales so far this year is $586,000.
Inventory is still very high but interest rates are  low and buyers seem to be loosening up their wallets a bit.  I believe that many buyers who have been waiting on the side lines are ready to jump into the market.  This would certainly be great news for sellers who have been so very patient these past few years.
Please always feel free to call or E-mail any time you have questions or would like a market update.
Merry  merryvi@aol.com  340 776-6666  www.islandiarealestate.com