June continues to show market improvement with 28 sales overall (16 in Avalon and 12 in Stone Harbor). This is 10 more transaction than June 2011. These are strong numbers considering June is usually our slowest summer month.
Inventory Now Sits At 485! This is crucial to rebounding sale numbers in that the lower # of properties for sale in each price point creates less competition for Sellers. This results in fewer choices for Buyers and a better opportunity for a Seller to get a higher % of their asking price. As we have discussed at length, the lower end price range (under $1M) has experienced the greatest depletion of inventory which has resulted in a slight shift to higher sale numbers over the last 2-3 months. The same is becoming true for the $1M-$1.6M price range. There are some very good investment opportunities out there for properties that would yield rental income close to or covering their monthly mortgage expenses. Interest rates have dipped slightly lower than already historical lows allowing borrowers to take advantage of jumbo loans in around 4% and there are some adjustable interest rates with 5-7 year arms at 2.75%. If you are thinking of a purchase, it’s a great idea to speak with a lender about borrowing options. You may be surprised to see how these lower interest rates affect your bottom line.
Contact me to see properties in your price range or check out my website for a complete list of sale property.
Total inventory on the island is now under 500!! There are currently 485 active properties on the market. We have now spent the last 4 months hovering near 505 sale properties on the market. Over the course of several months, our inventory has continued to go down due to solid sale activity and fewer properties being added to the market. This is good sign for our market in that the sale numbers hold strong with less competition in each area and price range. 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
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If you are still looking for a vacation rental, please check out our website as we have added a few new properties available immediately. There are still a few openings for our busiest weeks of 7/21 – 8/11 but there will eventually be no availability for those weeks, so don’t wait, book your vacation rental today. 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.
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