YEAR END WRAP UP AND OPTIMISM FOR 2012
"Prices
and sales of homes expected to rise in 2012"
January
1, 2012; Press of Atlantic City
Third
quarter 2011 ended with numerous indicators showing prices stabilizing and
sales picking up. The NAR (National Association of Realtors) are
predicting prices will start rising early to mid-2012.
SALES
December
sale numbers were up slightly to 12 transactions in 2011 as compared to 11 in
2010. Always a slow time of year with the holidays, but there were signs
of people gearing up for the new year with inquiries about both sale and rental
property during the week between Christmas and New Year's. For those of
you who have been watching the market closely for the last several years to
determine when the bottom has hit and how to time your purchase before it
starts to turn in the other direction, all indications say that we are there!
During the last quarter of 2011 much of our inventory was depleted,
especially in certain price ranges such as single family homes in the
$1,000,000 range, and new construction town-homes in the $750,000-950,000
range. This has put our Seller's in a better position because they often
have one of just a few sale properties for Buyer's to choose from. The
higher end of our market has remained strong price wise, with the average
bay-front sale over $2,300,000 ($975,000 - $4,600,000) and the average ocean
front sale over $5,000,000 ($2,775,000 - $12,500,000). Overall, we have
felt our market in Avalon and Stone Harbor to have stabilized in the last 12 -
18 months with prices remaining the same. There are exceptions when a few
sales go out lower than expected and a few go out higher than expected but
overall steady and when a property is priced aggressively in comparison with
its competition, it sells. The number of transactions has slowly but
steadily increased from the year before. These market statistics are
creating optimism for the year upon us.
Total
inventory has dropped drastically for the third month in a row. Inventory now
sits at 514. This not only reflects an overall depletion of sale property in the
lower end (under $1 million), but now we are seeing continued depletion up to
$1.6M. This again is a great sign for our market. I will continue to monitor
inventory levels.
Properties on the market
are ready to be shown, please call to set up an appointment to search and
preview properties for sale in Avalon and Stone Harbor NJ. The Seven
Mile Island's real estate market is a great place to invest in, all
while creating lasting memories for your family. We are
still seeing lifetime low interest rates. Please visit my website:www.RyanVince.com
A Referral
is the highest honor I can receive from a client! Thanks for your
confidence in me and please continue to refer your friends, family,
neighbors and co-workers.
RENTALS
We expect
a strong rental season right on par with last year and have been receiving
reservation requests on a daily basis. Don't wait too long to secure your
vacation rental, especially for multiple weeks and for weeks during prime
season of July and beginning of August. Owners have submitted rates for the
year and have in many cases done some upgrades to their properties in the hopes
of securing re-peat tenants and providing a well-equipped and appointed
vacation home. Start your searches now on www.RyanVince.com or call
me direct at 609.602.0025. You can also email me at Ryan@RyanVince.com
for a full list of possible rentals.