Super Bowl LIV is behind us and Punxsutawney Phil said spring will have an early arrival! Here in Avalon and Stone Harbor that means the SPRING SELLING SEASON and VACATION RENTAL SEASON is in full bloom! January 2020 saw a healthy start with a 45% increase in units going under agreement — all in the condo and town-home category with a 200% increase in units placed under agreement. Single family sales were off by only one sale year-over-year with the highest priced sales in Stone Harbor at $3.3M and $4.3M both non-waterfront homes. This compares to the highest sales in 2019 for the same month at $4.25M for a teardown oceanfront in Avalon and $3.65M for a newer Bayfront in Avalon.
As with most single home categories, the Bay is lacking in inventory so sales in Bayfront homes are lagging behind. Avalon single home inventory is reduced by 13% compared to 2019 while Stone Harbor inventory has reduced by 36%. Condo/townhome inventory in Avalon is 12% less than in 2019 while Stone Harbor has reduced by 26%. As with 2019 inventory, levels will continue to impact our success rate.
Interest rates and programs continue to motivate buyers to enter the marketplace. As long as we have the proper inventory mix to satisfy their demands, 2020 will prove to be another good year in Seven Mile Island Real Estate. Call me if 2020 is your year to sell!
The summer vacation rental season is also off to a strong start. We are always looking for more vacation homes to offer our tenants. If renting even for two weeks allows you the opportunity to cover some of your property costs, give me a call today. We will rent your home even for just two weeks!
The Ferguson Dechert sales team continues to dominate the market place, selling more Avalon property in January 2020 than the combined sales of ALL other agencies. Island wide, our team participated in more sales than the combined sales of the next two agencies. We will find the right home for our clients even if it may not be listed for sale right now. So call me if you are looking to buy but are frustrated with the inventory you see online. You never know what may be on the horizon!
All the best,
Holly C. Rennie