As 4th of July vacationers enjoyed the sunshine and beaches, midyear statistics for properties sold were being tallied. The numbers are positive with a total of $57.735M sold and closed.
Inland homes lead the way with $25,967,500. Properties up to the $1M mark have continued to be most in demand. With the topic of affordable housing in the news recently, it is worth noting that out of 27 homes sold in this category, three properties sold in the $300K-$399K range, six in the $400K-$499K range and five in the $500K-$599K range. The $1M-$1.5M category has continued to do well and has included spec homes, homes without pools, higher end/turnkey homes on smaller lots, and homes that have been staged to sell.
Waterfront came in at $20.89M with 8 transactions which included: a spec home with dock at $3.25M, an historic creek front home at $1.6M, 2.6 bay front acres with two homes, pool and tennis at $3.95M.
Water view at $6,220,000 with 5 transactions featured three properties with no pools; all offered views of large water: bay, sound and harbor.
Acreage has made a strong comeback over the last 6 months with 11 sales totaling $4.125M. Although many of these transactions were cash, others were financed with construction loans, pointing toward more available avenues through banks. Several transactions were with builders, who will eventually be constructing homes that will translate to future listings and sales.
Although the topic of Brexit created a momentary cause for concern with some buyers, news that interest rates will continue to be at historic lows has actually brought new buyers to the market.
I am pleased to report that of the first half 2016 figures, I was involved in nearly $35M in total transactions: close to $16M in waterfront properties or approximately 76% of total in this category; over $2M in acreage or approximately 52% in this category and nearly $7M of inland properties or approximately 27%.