Real Estate

Slump continues: Sotheby's 2011 real estate summary for Shelter Island

REPORTER FILE PHOTO | One of 138 properties that were for sale on Shelter Island last year.

Slumping numbers dominate the 2011 Shelter Island real estate statistical report released  this week by Daniel Gale Sotheby’s International Realty.

Compared to the numbers for 2010, the “days on market” figure soared 57 percent, the number of sales slid 5.35 percent and the average price fell 17.5 percent, according to the company’s summary.

The average price of real estate sales in 2011 was $955,670 compared to $1,158,808, down 17.5 percent. The median price slumped from $922,500 to $775,000 and the highest price recorded during the year fell from $3.45 million in 2010 to $2.97 million in 2011.

Days on the market rose from 240 to 377 and the number of sales slipped from 56 to 53.

If there was a glimmer of good news, it was the slight drop in inventory from 140 properties on the market in 2010 to 138 in 2011.

More details, including comparisons to other East End communities, will be covered in in the Reporter.