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Avalon - Stoneharbor Market History |
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An article published in the Philadelphia Inquirer on Tuesday, June 15, talked about the soaring Real Estate Market at the shore. We gathered some of the excerpts that may be of interest to you. "Things are heating up at the Shore...We're talking real estate. The fastest growing, highest-priced housing market around here is by the sea, by the sea, by the beautiful sea." "Demand continues to grow, but there's only so much land, especially beachfront, so the values go up, up, up..." "Cape May County showed the biggest gain in median home price ~ 77% adjusted for inflation from last year." "Unlike real estate markets in the Philadelphia metropolitan area, the Shore housing market has two strong components: buyers looking for primary residences and those purchasing second homes for vacation or investment." "You have the baby boomers and retirees wanting to move here because of the quality of life. That all adds up to incredible demand right now." *Source: Philadelphia Inquirer 6/15/04
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Market Update 2006 Sales: |
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Total sales were down 48%, the average sale price is up nearly 24%... |
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In Avalon, the average sale price for a single-family home was up an astounding 42% (median +21%) over the same time last year. Stone Harbor is down only 1.5% while the median price is up 16%. The average price for a condo/townhouse in Avalon was up by 22%. |
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There have been 63% more sales over $3 million in Avalon and 67% more sales over $4 million on the island. |
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We achieved a record-setting $9 million sale handled by the Avalon Real Estate Agency. |
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We had one $5 million bay front sale in Avalon and we have a property with a $5.5 million list price under contract in Stone Harbor. |
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Single-family home sales under $3 million are down 58% on the island. |
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Bay front sales are up 33% in Avalon and are flat in Stone Harbor. The average sale price is up 35% in Avalon and down 13% in Stone Harbor. |
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Beach front sales are up 150% in Avalon, with an average sale price of $5,260,000, a 28% increase. No Stone Harbor beach fronts have sold yet in 2006, although one is under contract. In 2005, one beach front property in Stone Harbor sold for $4.2 million. |
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 The Avalon Real Estate Agency's nearly 75%
market share in beach front sales is more than four times
the number-two agency.While beach block sales are down 59%, the average sale price is up 32%, a function of high demand for quality locations. The Avalon Real Estate Agency leads all agencies in securing beach block buyers with a 48% market share (by dollar volume). |
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Oceanfront Market Update 2005 Sales: |
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The oceanfront market continues to perform well with 23% increases over a record setting 2004 in both average and median sale prices as of 12/31/2005. |
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Avalon has transferred 14 properties as compared to 13 this time last year at an average of $4,355,000 and median of $4,043,000. One oceanfront property has sold in Stone Harbor at $4,200,000 (full price) this year as compared to 5 last year. |
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Properties have sold a bit quicker in 2005 at 178 days vs. 241 days in 2004. Avalon's low sale for 2005 is $2,185,000 and $7,480,000 is the high sale. |
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R.J. Soens was personally involved in 30% of the above sales this year (first place tie) and Avalon Real Estate was involved in 50%. |
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