Hello and Happy September!
I hope you and your family enjoyed the most amazing Labor Day weekend! I actually made it to the beach TWICE! What a special treat for me.
You would never know it is September. The weather is summer-like and the streets and beaches are still full. Many families are working and teaching from their summer homes. Why not? You can’t beat the atmosphere here. Fall and winter will come soon enough so enjoy the island as long as you can.
Stores and restaurants (25% indoor + outside) are open and ready to serve. They are extending their hours into the fall as best they can to accommodate the increased post- summer demand. Supporting local small businesses has been a key focus for all of the locals. It is great to see the support they received from our visitors this summer and now into fall. Personally I hope we continue the “al fresco” dining next summer. Nothing like eating outside on a nice summer day or evening.
Rental owners are enjoying extended seasons right through October. Each day we receive requests for families looking for additional weeks/months here on Seven Mile Island. If you are a vacation rental owner, give us a call. We can extend your rental season later than you think possible.
Sale owners are enjoying unprecedented interest and sale prices. Unit sales are up island wide 45% year over year for the month of August. Single family sales actually doubled in spite of the lack of inventory. The upper end on the bay was on fire with four sales over $5.0 and THREE offers on a new construction home on Seagull that sent the end price over asking of $6,495,000. New construction sale on the beach block of $6.3 and a sale of an Avalon oceanfront listed for $7,995,000 topped the market.
Our sales team participated in more island wide transactions than the combined sales of the next THREE sales teams and participated in more Avalon transactions than the combined sales of the next SIX sales teams. Our team participated in all of the sales above and in some instances on the buying and listing side!
While unit sales volume is up handsomely the opportunity lost is also up. Our lack of inventory continues to frustrate prospective buyers, slowing down the potential growth. As of August 1st, our available single homes in Avalon total 44 – 102% less than this same time in 2019; 157% fewer homes than in 2018. Avalon townhome inventory sits at 25, off 40% compared to 2019; 22% off compared to 2018. Stone Harbor inventory levels, while reduced, are not to the same degree as Avalon.
If now is a good time for you to trade up or sell off to enjoy the equity your home has built over the years let me know. We have the buyer for your home.
Interest rates continue to increase today’s buyer’s purchasing power. Fluctuating between 2.87% and 3.0%...when did you ever see such an ideal time to invest in real estate? Our buyers are not only new to the island but many are current home owners moving up to their next investment OR purchasing a home simply for rental purposes.
I hope you have an amazing Indian summer right into fall and winter. Stop down, give us a call, or email me if you need our assistance - rental, listing for sale or rent, or purchasing your next or first home – we have the knowledge and team to guide you in the right direction.
Be Well and Be Happy!
All the best,
Holly C. Rennie