“Prices and sales of homes expected to rise in 2012″
January 1, 2012; Press of Atlantic City
Third quarter 2011 ended with numerous indicators showing prices stabilizing and sales picking up. The NAR (National Association of Realtors) are predicting prices will start rising early to mid-2012.
SALES
December sale numbers were up slightly to 12 transactions in 2011 as compared to 11 in 2010. Always a slow time of year with the holidays, but there were signs of people gearing up for the new year with inquiries about both sale and rental property during the week between Christmas and New Year’s. For those of you who have been watching the market closely for the last several years to determine when the bottom has hit and how to time your purchase before it starts to turn in the other direction, all indications say that we are there! During the last quarter of 2011 much of our inventory was depleted, especially in certain price ranges such as single family homes in the $1,000,000 range, and new construction
town-homes in the $750,000-950,000 range. This has put our Seller’s in a better position because they often have one of just a few sale properties for Buyer’s to choose from. The higher end of our market has remained strong price wise, with the average bay-front sale over $2,300,000 ($975,000 – $4,600,000) and the average ocean front sale over $5,000,000 ($2,775,000 – $12,500,000). Overall, we have felt our market in Avalon and Stone Harbor to have stabilized in the last 12 – 18 months with prices remaining the same. There are exceptions when a few sales go out lower than expected and a few go out higher than expected but overall steady and when a property is priced aggressively in comparison with its competition, it sells. The number of transactions has slowly but steadily
increased from the year before. These market statistics are creating optimism for the year upon us.
Total inventory has dropped drastically for the third month in a row. Inventory now sits at 514. This not only reflects an overall depletion of sale property in the lower end (under $1 million), but now we are seeing continued depletion up to $1.6M. This again is a great sign for our market. 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.
RENTALS
We expect a strong rental season right on par with last year and have been receiving reservation requests on a daily basis. Don’t wait too long to secure your vacation rental, especially for multiple weeks and for weeks during prime season of July and beginning of August. Owners have submitted rates for the year and have in many cases done some upgrades to their properties in the hopes of securing re-peat tenants and providing a well-equipped and appointed vacation home. 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.
Other Quick Links
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