Shelter Island Real Estate Market Report 2014 Year End Statistics

Shelter Island Real Estate Market Report - 2014 Year End Statistics

South Ferry on Christmas night

The 2014 year end statistics are in for Shelter Island sales and the news shows a progressively upward trend, an increase of 17.1% in total sales from 2013.

Year                      # Sales  $ Sales                 Median               

3^rdQ-2014            18           $28,605,000          $1,031,000

4thQ-2014            14           $21,149,250              792,500

              

3rdQ-2013           24           $25,997,241           $747,500

4thQ-2013           19           $20,362,000           $690,000

2014                   64           $104,345,125         $824,500    

17.1% change from prior year

2013                   83           $89,075,991           $725,000               

13.8% change from 2012

There were nearly 20 fewer transactions in 2014 than in 2013, however the dollar values were higher and resulted in an increase in 2014 sales of 17.1% from 2013.

Waterfront properties lead the way with the highest sale in 2014 at $9.5m, a 16,000 sf turn-key harborfront with pool house, pool, and carriage house. 

 

10 Lari Lane - Sold 1/15/14 - $9.5m

The trend during the year favored: 1) turn-key homes; 2) large acreage; and 3) unique characteristics, such as properties with: estate section location, vintage farmhouses, deep water docks, bordering preserve, deeded water access.

 

6 Daniel Lord Road - Sold 5/21/14 - $7.5m

Water view homes as a category gained strength with two properties of particular note: a 1.8 acre post harbor view modern with Gunite pool, 4 bedrooms, 4 baths with association dock and tennis which sold for $2.275m and a shy acre traditional with vinyl pool, 3 bedrooms, 3 baths and slices of water views which sold for $1.975m.

46 Ram Island Road - Sold 1/9/14 - $2.275m

Inland homes, experienced a strong recovery with the highest sale a 2.7 acre Dering Harbor Village traditional with Gunite pool with a final sold price of $3.25m.

5 Dering Woods Lane - Sold 2/2/14 - $3.25m

 Acreage continued to rebound, as financing became more available. Buyers are becoming more comfortable with the concept of modular home building and builders are returning to spec home construction.  Notable sales included: 4 inland acres bordering Sylvester Manor which sold for $1.5m, 1.1 harborfront acres with deep water dock which sold for $1.28m, a shy inland acre in Shorewood sold for $435k.

23 Fred's Lane - Sold 12/4/14 - $1.28m

The Shelter Island real estate market has continued to gain strength over the last 5 years. Buyer confidence in the economy has translated to the brisk and strong sales. There are approximately $6.75m in transactions that went into contract in 2014 which closed or are closing in January 2015.

A customer told me in a conversation over the holidays, “I know we have to purchase a home soon, before the market really takes off”.

For Sellers who are contemplating listing their homes, money spent to perform minor updates is a good investment that reaps good rewards in terms of time on the market and final sale price.