REAL ESTATE INSIGHT AND UPDATES – MARCH 2017

While the temperatures might be cool, the real estate market is hot! February and January 2017 were the strongest months since 2003 – 2004. This is exceptional!

February sales were 150% ahead of 2016 while January sales were 39% ahead of 2016. Avalon is experiencing particularly aggressive sales to date with a combined year to date increase of 136%. Stone Harbor is enjoying a 28% increase in homes sold.

This is particularly impressive given our inventory levels continue to diminish. Avalon single-family home inventory is 16% less than 2016 levels as we headed into March. Stone Harbor has 23% less inventory than the same time last year. The townhome-condo market is also plagued with similar problems. Avalon inventory levels are off 16% as compared to the same timeframe last year while Stone Harbor has 57% fewer townhome – condos to sell this year.
In spite of the lack of inventory, the Ferguson Dechert sales team continues to dominate the marketplace. To date, our sales team has participated in more sales of Avalon homes than the combined sales of every other office on the island. Our sales team has sold more homes on Seven Mile Island than the combined sales of the next two agencies. While our inventories are reduced along with the rest of the island, our team represents 24% of the available homes for sale.

YTD February Transaction Sides
Avalon

YTD February MLS Market Share
Avalon and Stone Harbor

YTD February Total Transaction Sides
Avalon and Stone Harbor

 

Recent article from KCM:

Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers staved off inventory levels that are far from adequate…”

And CNBC says consumer confidence in the economy is fueling the market:

“U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy.”

The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a four-month supply of inventory. This represents a decrease in supply of 7.1% from the same time last year.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home.  And if you’re looking to buy, now is the time to take action! You need to be ready for when opportunity knocks. Contact Holly Rennie for more information so you can be aware of the market, and have a real estate professional with her eyes and ears open for you.  Call Direct 609-967-0289

Update on the Avalon/Stone Harbor Beach Fill Update – Officials from both Avalon and Stone Harbor meet weekly with touch up work ongoing. In the coming weeks the Stone Harbor pipeline will be moved to place sand in a northerly direction. The next phase of the project has The Great Lakes Dredge and Dock Company is moving the pipeline equipment to Avalon with a target start date for mid-March.

The 1st Day of Spring – Monday, March 20th – The Spring Equinox or Vernal Equinox is the time when the sun crosses the skies above the earth at the celestial equator. The sun’s rays are nearly equally split between day and night. The days and nights are approximately equal in time. The earth and sky are bursting with energy. Trees, shrubs and flowers are starting to bud, the worms head out too. The birds start their migration north following the path of the sun. And the temps become warmer. Time to plan for the coming season, only 67 days to Memorial Day Weekend!

“The ocean stirs the heart, inspires the imagination and brings eternal joy to the soul. – Wyland”