October Real Estate Market Update

Posted on: October 2, 2021

Avalon & Stone Harbor - October Market Update

 

The start of our fall season has been a very strong one. The market has continue to run with low inventory levels and high demand for property. Data indicates that we are expecting the market to remain strong moving into the winter months. The real estate market in Avalon & Stone Harbor is continuing to move at a record pace. In today's fast paced market, it's more important than ever to align yourself with an agent and a brokerage that offers in-depth knowledge, unwavering commitment, and persistence. The rapidity of the market means that you need an agent who can negotiate your best offer if you're selling or find you an off-market listing if you're interested in buying.

 

Inventory

 

Active sale inventory for Avalon & Stone Harbor real estate has decreased a small amount since last month. We now sit at 61 total properties for sale. Which is 14 less when compared to last month. Of those that are active, 44 are in Avalon, and 17 are in Stone Harbor. Motivated buyers in this market still need to be ready to react if a property in their price range gets listed! The number of buyers looking for property are very high. We hope to see inventory in Avalon & Stone Harbor increase a bit as we move through the fall season and into winter, but it may be a while before those levels return to a healthy number. 

Here is the current inventory breakdown:

33 Single Family 

21 Condo/Townhomes

2 Vacant Lots

5 Commercial

 

 

 

Last month we saw 36 new listings hit the market, which is a 32% decrease in new listings for September when compared to last year. The island had 36 properties close in the month of September - The highest sale was $7,276,000, while the lowest was $285,000. The average sale price was $2,690,281. The median sale price was $2,547,500. Here is the price breakdown for the sales: 

7 properties under $1 million

7 properties between $1 million and $2 million

7 properties between $2 million and $3 million

15 properties over $3 million

There are a total of 99 properties that are currently under contract in Avalon & Stone Harbor.

 

Please contact us to discuss the value of your property and explore our marketing advantages with Sotheby’s International Realty. Interest rates remain historically low. If you are considering a purchase in Avalon or Stone Harbor, it is important to consult with a lender to discuss mortgage products, borrowing options, and the pre-approval process. Contact us to find the best value in properties currently listed on the market.

 

 

Market Update - Avalon & Stone Harbor Rentals

 

As we near the end of our renting season, we are finding many tenants leaving reservations to rent the same property in 2022. It seems like inventory will remain low going into the 2022 season. The demand for weekly rentals are very high. Many tenants are inquiring earlier than normal to reserve a property. If you are looking to rent next year, contact an agent in our office to find a home that suits your desired lifestyle. Owners will not return 2022 rates and availability until the 2021 season ends. When we receive back the authorization forms, we will be able to reserve properties and create leases. Connect with an agent who can find options for NJ vacation rentals on the 7 Mile Island. New inventory does populate, we can send you properties before they become active on the market!

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