Real Estate Outlook

On August 5th, Inman News reported that The National Association of Realtors stated that pending Sales are up for the fifth month in a row, the longest streak since July of 2003.
 

Realty Times reports that the Case-Shiller Index shows that home prices rose in June, the first monthly gain in three years.  Realty Times also reported that new home starts and new permits issued are up as well.
 

Interest rates remain low and the stock market continues in an upward trend.  

Martha’s Vineyard Statistics

Second Quarter 2009 showed a 7% increase in Residential Sales compared to the same quarter in 2008. In fact, Second Quarter 2009 showed a reverse of the previous four year trend of decreasing sales (See chart below) .

The Second Quarter 2009 Average Sale Price and Median Sale Price were $821,000 and $511,000, respectively, both lower than Second Quarter 2008. Some view this drop as a negative, while others view this as a needed correction to stimulate more sales.

The Martha’s Vineyard Land Bank showed weekly income as rising each week for the first three weeks of July.

LINK is showing that Residential Sales for July of 2009 surpassed that of July 2008.