Good news! Buyers are moving back into the market again encouraged by low interest rates and lower prices.
Understanding the general direction of the current market conditions is of vital importance to both buyers and sellers in order to help you make a more informed decision when buying or selling a home in Stone Harbor or Avalon .
Stone Harbor Real Estate Market Activity Report for May 5 to May 12,2009.
There are currently 121 single family homes currently for sale in Stone Harbor ranging in price from $475,000 for a two bedroom home on Weber Court to $5,990,000 for a beach front home on 97th street.
There are four single family homes currently Under Contract.
356 89th street, a 3 bedroom, 1 bath home listed for $990,000, went Under Contract on 10/9/2008 and goes to settlement 3/28/2009.This has been on market 434 days.
222 108th street listed at $998,000 goes to settlement 6/1/2009
100 108th street listed at $1,750,000 goes to settlement 6/8/2009
8726 Sunset Drive listed at $1,099,000 goes to settlement 6/1/2009
Stone Harbor NJ Condo Sale Activity May 5 to May 12 2009
There are currently 64 Stone Harbor condos currently for sale ranging in price from $194,500 for an efficiency unit at 10120 Third Avenue up to $1,725,000 for a 5 bedroom, 3.5 bath townhome with pool at 261 89th street.
Average asking price is $730,988
Average Days on the market - 298 days
Three Condos are now Under Contract in Stone Harbor
A beach front condo 9600 First Avenue Unit #1 is now Under Contract after only 81 days on market. Listed for $845,000, and goes to settlement on May 15th .
420 99th street,a 3 bedroom,1 bath unit which was listed at $445,000 went under Contract after only 33 days on the market. It goes to settlement 5/28/2009.
10120 Third Avenue, an efficiency unit listed at $174,000 goes to settlement 6/5/2009
A Carnival Bay unit at 10808 Sunset Drive, Listed for $725,000, SOLD May 9,2009 for $652,500 after 336 days on the market
The data for this market report is based on statistics provided from the Cape May County MLS (private sales are not included)
Interest rates continue to be in the 5% range for conforming loans. 6% for loans over $417,000 and just like the "old days", lenders want verification of income to qualify for the loan, and good credit.
The overall price increase for properties in Stone Harbor and Avalon from 1998 to 2008 was 180.99%! This reflects an appreciation rate of 18.9% according to The Otteau Report .
With historically low mortgage rates and huge inventory and sellers willing to negotiate, buyers are jumping in realizing it does not get better than this.
If you are interested in purchasing a summer home, take advantage of the current market and send me an e-mail with your wish list. You'll be pleasantly surprised with the options available. There is something here now for everyone.
e~ mail me at Nancy@NancyMAlexander.com, or Call me! I love to talk Real Estate! Call my cell @ 609.425.7521
Please visit The Address For Luxury Real Estate and see Hundred of Stone Harbor and Avalon Rental & Sale Properties at http://www.StoneHarborRealtor.com/. I'd love to be your Realtor.
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