One half of all sales in 2010 were for $1,082,000 or less. The sales break down to 261 Single Family properties ranging from $296,000 to $27.5 million; 7 Multi-Family properties from $303,750 – $1 million, 39 Condominium and Cooperative properties from $160,000 to $1,060,000, 42 pieces of Vacant land from $210,000 to $4,450,000 and 12 Commercial properties from $950,000 to $22 million (foreclosure on the Point Breeze Hotel).
The least expensive island sale in 2010 was $160,000 for a studio condominium on Old South Road which had been listed for $175,000 at the time of sale. The most expensive sale was 11 & 15 Monomoy Road, closing in April for $27,500,000. The property was 5.75 acres of direct harbor front with a main house, guest house and two garages. It had originally been listed for $38,500,000. The median sale for 2010 was 66 Squam Road, 3/4 acre with an ocean view and a 3 bedroom house in need of updating. The property sold for $1,082,000. The average days on the market for all 2010 sales was 255 days, down slightly from 2009.
The chart below tracks house sales (including condominiums and cooperatives) since 2002 by price range.
The range above $2 million was healthy compared to past years. The $1 – $2 million range was more challenging and under $1 million is still feeling pressure until some of the foreclosure inventory gets sold. No surprises here!