Market Update: The Avalon and Stone Harbor Housing Markets
The Avalon and Stone Harbor areas closed the year of 2017 on a strong note. Beach front and bay front properties saw significant growth in 2017, finishing the year (and the end of the fall and peak season) ahead of the game.
Although the late-winter season is slow in any housing market, there are also a number of interesting housing market trends and updates, which excites buyers and sellers to see what 2018 brings their way.
Overall, the Avalon and Stone Harbor housing market started off 2018 with 20% fewer properties for sale. Additionally, the housing market remained strong throughout 2017. There was significant growth in property sales, availability, value and median price across the board. In fact, 2017 was a close-second to the most property sales in the last fifteen years.
Below, you will find a brief summary of some of the most important and valuable insights related to the Avalon and Stone Harbor housing market areas.
Condominiums and townhouses in Avalon saw a 24% increase in overall sales for 2017. Additionally, Avalon single-family home sales grew 9%.
Stone Harbor wasn’t far behind. Condo and townhouse sales saw a 12% increase in sales and an 18% increase in average single-family sold prices.
Median Sale Prices
Avalon and Stone Harbor also saw strong performances in premium locations. Beachfront properties sales doubled in 2017. The average price increase 13% while median prices dropped slightly by 0.89%. Although beach block unit sales dropped by 6%, the median price increased by 9%.
What is probably most surprising is that bayfront island property sales jumped up by 62%, and the median price also jumped 25%.
Market Strength and Performance
Another indicator of the market’s current strength is the ratio of sold to expired listings. This is one of the most straightforward success versus failure metrics we follow in real estate. Our group has analyzed and examined market history over the last decade, and 2017 was the best year yet. There were 89% more sales and 81% fewer expired listings from 2010, when the Avalon and Stone Harbor housing markets were down.
RJ Soens Group is proud to report that thanks to the support, referrals and repeat business of so many of our valued clients, our group finished at the top of Long & Foster’s New Jersey region by a wide margin and ranked thirteenth companywide (over 10,000 agents/teams). Our team closed over $100,000,000 in sales.