The real estate market has slowed this summer due to a larger inventory. Sellers are reducing prices within 2 weeks of listing their homes which indicates that buyers are no longer interested (or able) to pay the Covid prices of last year. In addition the rental market was weaker this summer because visitors realized they could now travel to Europe for the same prices as coming to the Island and were now free to do so since Covid cases had significantly gone down. The interest rates were also rising which makes qualifying for a mortgage much more difficult for many buyers.
All of these factors make it more important than ever for Sellers to choose a Broker who continually assesses the market conditions and adjusts accordingly to be sure that pricing remains competitive. And, that for Buyers that they become educated on the plus's and minus' of each area so that when a reasonably priced home comes on the market in the desired location in their price point, they will be prepared to submit an offer quickly to beat out other buyers.
To follow is a recap of the market for this week as well as a link to the 2023 Third Quarter Sales Report for the entire Island. If you have any questions about any of the information we welcome you to Contact Us.
Weekly Market Update – Week Ending November 10, 2023
Total Number of Homes Available: 161
Total Number of Listings Available: 205
Number of New Listings: 10
Number of Homes Under Agreement: 9
Number of Homes Sold: 6