Hello from Fantasy Island- if ever there was a nickname for this island, Fantasy Island is truly it!
Hopefully you had a wonderful July 4
holiday spent with family and friends – while social distancing of course! Our island is bustling, in case you have not been here to see. While it looks a bit different, we are inundated with vacationers, vacation rental requests and buyers in all price ranges, locations, and property styles. If you had told me back in March the summer 2020 would have looked like this, I would have told you you were crazy. Yet, here we are!
Our sales team had an increase of 171% in homes sold for the month of June as compared to sales of 2019! June sales on Seven Mile Island will be the most productive month EVER reported – 78 homes placed under contract, with the exception of March 2004 where 83 homes were placed under contract. Vacation rentals for our team were up 150% in one month! For the first nine days of July we have had 28 homes reported under contract with two of the highest priced sales ever reported: $10,500,000 both new homes in the high dunes area of Avalon. New construction homes are selling along with opportunity locations for future construction. The investor/developer is more than active with new players entering the market each day. Condominiums and small 2-4 bedroom single family homes are also taking off as today’s first time buyer is investing at the Shore as well.
Our biggest challenge continues to be lack of inventory across most categories but particularly in the single family homes in the $1.7-$2.5 price range. As we enter what is typically our busiest selling season, our Avalon single home inventory is off by 25% as compared to the same time frame in 2019, and off 29% in Stone Harbor. Our condo/townhome market in Avalon is comparable in units but not in price point, while the Stone Harbor inventory is off 34%. The result is multiple offers on the same properties and homes selling within days of listing.
Speaking of inventory, I have never run with so few listings in my 28 year career. ALL of my homes are selling! If you or someone you know is ready to sell please call me and I will reach out to them OR feel free to pass on my name and contact. I am actively in search of new homes, condos, and townhomes to sell.
Our team continues to dominate this marketplace participating in more Avalon sales than the
combined sales of the next 7 agencies
. Across all categories we represent more buyers and sellers. If you are looking to buy or sell, give me a call. We have the knowledge and expertise you require to succeed in this market!
Have a super July! I hope to see you soon.
All the best
Holly C. Rennie