October sales show a slight slowdown which is not unusual for this time of year as we move into fall and get closer to the holiday season. Avalon had 8 properties go under contract in October and Stone Harbor had 5. Most of these were properties that were priced well, received multiple showings over the course of the summer and in some cases received multiple offers. There were 6 priced under $1 million and 7 priced between $1,000,000 – $1.8 million. Our 3rd quarter stats indicate that compared to years 2009 and 2010, while we have seen a slight decrease in the number of overall sales, the average selling price has increased by about $120,000 for single family homes and by about $200,000 for condo/townhouses. The townhouse market has gained ground, for 2011, each quarter has shown an increase in sale price over the previous quarter. The new units sell quicker and at an obviously higher price than the older units. Also, we’ve seen a dip in the days on market for sale property across the board. This is due to the stabilization of the market and Seller’s understanding that their property must be priced aggressively to get showings and offers.
3rd Quarter Highlights
(Year Over Year):
Average Days On The Market: Down
Average Sale Prices: Up
Island Inventory: Down
For a complete breakdown on 3rd Quarter Market stats Click Here
Total inventory has dropped to 572, which is in line with last month. This
reflects an overall depletion of sale property in the lower end (under $1
million) which we have been following over the past 2 years. This is not
a bad sign; usually we see an uptick in inventory levels after the Labor Day
Weekend. I will continue to monitor inventory levels.
Properties on the market are ready to be shown, please call to set up an appointment to search and preview properties for sale in Avalon and Stone Harbor NJ. The Seven Mile Island’s real estate market is a great place to invest in, all while creating lasting memories for your family. We are
still seeing lifetime low interest rates. Please visit my website:www.RyanVince.com
A Referral is the highest honor I can receive from a client! Thanks for your confidence in me and please continue to refer your friends, family,
neighbors and co-workers.
The Fall rental season is upon us, if you are looking for a getaway at Thanksgiving or New Years please contact me. Start your searches now on www.RyanVince.com or call me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com for a full list of possible rentals.
Owners: Thank you for getting 2012 Rental Authorization
forms and rates back to us. We are working on sending leases out to our
tenants who have have booked for next season, so look for those leases with initial deposits over the next few weeks.
Note: It is also time to start thinking about winterizing
your home. If you intend on keeping your home open please keep your
thermostat set above 55 degrees. If you are in need of winterizing,
please contact me and I will refer you to a plumber.
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