SNAPSHOT OF THE SALE MARKET
Despite the forecast for rain, the 7 Mile Island was quite lively over the Memorial Day Weekend! People were in town enjoying time with family & friends…and buying real estate!
Since mid-May, we’ve seen a pace of nearly “a sale a day!”.
One of the continual frustrations for both prospective buyers and realtors has been the shortage of properties For Sale. We know that a broader menu of options is a good thing when looking to purchase. When buyers have options, that sparks activity…and activity breeds more activity!
THE GOOD NEWS is that since the New Year, the # of Single-Family Homes For Sale has increased by 25% and the # of Condo/Townhomes For Sale has increased by 36%!
A number of our clients are looking to “trade up or down” to a property that better suits their needs, so the increased selection of properties is favorable in that regard! As they identify a replacement property, they’ll be selling their property!
The Current Inventory of Properties For Sale vs June of 2019
(in parenthesis):
- Single Family Homes For Sale
- Avalon – 44 (95)
- Stone Harbor – 18 (45)
- Condo / Townhomes For Sale
- Avalon – 38 (35)
- Stone Harbor – 3 (20)
RENTAL MARKET OVERVIEW
In the Rental Market, one of the changes that we observed this season is early demand (beginning around October) and waning demand as of about February (+/-). Historically, the rental demand remains strong through the Second Quarter of the year. We continue to draw leases every day, yet not at the traditional pace.
In speaking with many realtors, we believe the primary reason for there being less rental demand than last year is “Covid-related”. Yes, that dirty word again! As Covid is increasingly behind us, people are now traveling to destinations that they’ve been waiting to see. This is reflected in the surge in travel reported by airlines, cruise lines, et al.
Knowing that a pre-covid year such as 2019 is a good baseline for comparison, it’s interesting to note that this year we’ve drawn slightly more leases than this point in 2019! And we know that 2019 was a very strong rental market!
If you or someone you know would like to rent a property for a week or more this coming season, check out my website, which is updated “real-time’. There are some very nice options throughout all market categories!
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