Activity in the Home Real Estate Market on Masons Island – Greg Broadbent – Spring 2017

Summary

In summarizing the residential real estate market on Masons Island for May 2017, we start by noting that local real estate agents had 17 homes listed for sale on the CTMLS as of June 1^st; this was one more than the 16 that were actively listed on May 1^st.  15 of the 17 listed on June 1^st had also been listed on May 1^st.  6 of these same listings were active 3 months ago back on March 1^st.  There was 1 home under deposit as of June 1^st and no closings in May.  However, the CTMLS added 7 new listings in May for Masons Island.

Recent Activity

The average size of the 17 actively listed homes was around 2750 square feet with living areas running from about 1200 to about 4175 square feet.  Also, the average number of bedrooms was 3.9  and 2.7 was the average number of full bathrooms.   7 (~41%) of these  homes included one half-bathroom as well. List prices ranged from almost $400,000 to almost $2.2M with the average asking price just over $1.5M.   The following chart shows how the average listing price varied with the number of bedrooms and living area, and shows the number of houses listed in each category.

1 home was under deposit on Masons Island as of June 1^st.  This home offered about 1450 square feet of living area with 3 bedrooms and 2 full bathrooms.  Its listing was active for 77 days and its listing price was just under $400,000.

There was one closing so far in 2017 for a home on Masons Island back in January.   This home offered a bit over 1550 square feet of living area.  In addition, it included 3 bedrooms and 2 full bathrooms.  Its listing was active for 73 days and its listing price was around $375,000.

Past Activity

10 homes sold on Masons Island over 2016.   They averaged over 3000 square feet of living area.  The range of living area was extensive, running from under 1200 to over 8000 square feet.  These homes offered from 2 to 5 bedrooms and 1 to 6 full bathrooms.   The averages were 3.5 bedrooms and 3.1 full bathrooms.  In addition, 4 of the 10 offered a single half-bathroom.  The average closing price was just under $1.2M with a much lower $667,500 median.  Again, the range was very wide extending from $325,000 to $4M.  Finally, the listings for these homes were active for an average of 258 days with 175 days as the median.

For comparison, there were closings for 9 homes on Masons Island for all of 2015.   The average living area for these was just under 2400 square feet.  The range was a bit broader – from around 925 to just under 4550 square feet.  These homes offered from 2 to 6 bedrooms and from 1 to 4 full bathrooms. The averages were 3.8 and 2.4 respectively.  Of these 9 homes, 6 (~67%) included a single half-bathroom.  The average closing price was lower at around $805,000.  At $700,000, the median asking price was higher for 2015 than 2016. Finally, the listings for these homes remained active for a much shorter average of 122 days with the median at 81 days.

5-Year Perspectives

The chart below shows a 12-month quarterly “rolling average” of closing prices broken down by number of bedrooms.  It shows averages for homes with 2-6 bedrooms as well as an overall average, and covers the 5-year period ending with 1Q2017.  Even though there is some fluctuation, the slope of the MS-Excel “linear” trend line added for the overall total average suggests that prices slowly but steadily improved over the period.

In addition, the blue bars in the chart above show a 12-month quarterly “rolling average” for number of days listings stayed active on the market for the same period.  Despite the fluctuations here, it suggests that listings remain active for a significantly shorter period before being sold relative to 5 years ago.

Conclusion

We will monitor the market over the coming months to see if there are other trends or data of interest which we can share with you in future blogs.

The data reported above was taken from the CTMLS as of June 1^st 2017 for single family homes.   We will post any updates to our Masons Island page.

If you are looking for residential real estate for sale in Masons Island or if you would like to work with a Realtor in this area, please contact us today.  We look forward to helping you find just the right home for you.