February saw a major boost in “Under Contracts”. Contracts were up to 30 transactions (21 in Avalon and 9 in Stone Harbor) for the month of February. This kind of activity is unusual for this time of year. Blame it on the great weather we are enjoying, or that there is just more confidence in the market, it doesn’t matter. The fact is buyers are down and making offers. To put things in perspective, there were a total of 28 properties that went under contract for June AND July combined in 2011, more support that our market has turned the corner and we should see improvement throughout 2012. It should also be noted that the 15 properties that went to settlement last month, 6 sold within 10% of asking and 5 sold within 5% of asking. There is good reason to feel positive for both Buyers and Sellers. Buyers can be confident that they are purchasing at the lowest numbers we’ve seen in almost a decade and that they are able to borrow money at the lowest rates in over 50 years. Sellers should feel confident that buyers are out there, ready and able to purchase at fair market value. For those of you considering a purchase now is the time. Look for more properties to come on to the sale market in the months leading up to June. Contact me to see properties in your price range or check out my website for a complete list of sale property.
Total inventory has remained constant since last month’s email. Inventory now sits at 507. This is down from 597 only five months ago. 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.
Check out this article from the March issue of Philadelphia Magazine on New Construction at the Shore:
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
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We expect a strong rental season right on par with last year and have been receiving reservation requests on a daily basis. We have been receiving reservation requests on a daily basis. Some of our owners are completely booked for the summer. 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.
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