In summarizing the residential real estate market for Masons Island in February 2017, we note that local real estate agents had 7 homes listed for sale on the CTMLS as of March 1st. This was the same number of homes as were actively listed on February 1st. 5 of those listed on March 1st had also been listed on Feb 1st while 3 of them were also active 3 months ago back on December 1st. There were no homes under deposit as of March 1st and no closings in February. However, the CTMLS added 2 new listings in February for Masons Island.
The average size of the 7 homes listed was just over 2700 square feet with living areas all in the range from about 1200 to about 4175 square feet. The average number of bedrooms was 3.9 and 2.6 was the average number of full bathrooms. 2 (~29%) of these homes included one half-bathroom. The charts below provide a bit more detail on the number of bedrooms and sizes of the homes available on Masons Island as of March 1st.
List prices ranged from almost $400,000 to almost $2.2M with the average asking price just under $1.2M. The following chart shows how the average listing price varies with the number of bedrooms and living area, and shows the number of houses listed in each category.
There were no homes under deposit on Masons Island as of March 1st and no closings in February. The sale closed for a 3 bedroom, 2 bathroom home with just over 1550 square feet of living area in January 2017. This home sold for about $370,000 after its corresponding listing had been active for 73 days.
Looking at the data over the longer term, the following chart displays the number of homes sold on Masons Island per year from 2012 through 2016 by price range. This shows an increasing number of sales over the past 5 years.
In reviewing the data for the most recent year, 10 homes sold on Masons Island in 2016. These homes averaged over 3000 square feet of living area. However, the range of living areas 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 almost $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. In addition, 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 were active for a much shorter average of 122 days with the median at 81 days.
The chart below provides a bit more information about movement in closing prices. It shows the average closing price for homes in 4 different price ranges in each of the last 5 years. This suggests that closing prices really haven’t moved very much except for those with the highest priced homes.
Finally, for some additional perspective, here’s one additional view of closing prices over the same period. It shows the average closing price after being divided by SQUARE FEET of living area for homes in the same price ranges.
The data reported above was taken from the CTMLS as of March 1st 2017 for single family homes. We’ll be monitoring 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. Updates will be posted 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.