Wrapping up the Summer and the Third Quarter
As we are closing out our third quarter of business in the Longport, Margate, and Ventnor single family home sector, we are happy to see an uptick in units and average sold price. The market is continuing to get stronger over the past several years, and we are well on the way to full recovery from the 2008 mortgage meltdown and the 2012 Super Storm Sandy impact.
- 2013 first 3 quarters of closed business: 213 units with an average sale of $669K
- 2014 first 3 quarters of closed business: 217 units with an average sale of $632K
- 2015 first 3 quarters of closed business: 266 units with an average sale of $647K
As a benchmark, in 2015, we sold more units in the down beach area than 2006 and 2007, both of which are historically considered our best real estate years. A few reasons for the upswing are some extremely good values and shrewd purchases in Ventnor, the introduction of new construction town homes in the boardwalk and marina districts, luxury new construction single family’s, and the insertion of new construction options in the less than one million dollar markets. Some other factors stimulating our real estate markets are, a strong economy, low interest rates, upgrade purchases, high elevations, and some amazing weather with beautiful summers.
Traditionally, we sell 20% of our inventory for any given calendar year in the 4th quarter it’s still a great time to list and sell your home. It’s even a better time to make a purchase decision as some of the shrewdest and best buys are made over the winter months. If we can help in any way, please don’t hesitate to contact one of our many experienced professionals at Soleil Sotheby’s International Realty.