Ocean City, Strathmere, Sea Isle City, Avalon, Stone Harbor, Longport, Ventnor, Margate


   
 
Shore Market Update
March 2017
Vol 8  Issue: 3
Circulation:  2768
THE REAL STORY ABOUT GREAT PROPERTIES
Properties in great Locations, great condition or great asking prices are going quickly.  The buyer market is extremely active and competitive.  The "great" properties are selling quickly and often with multiple bids.  Many buyers are feeling like they "just missed it!" because they hesitated to come to see properties or because they took too long to consider making an offer.  Buyers should be sure to have the following considerations prior to looking at properties:
Speak to a lender so that you can get a prequalification letter
Speak to all decision makers to make sure that everyone is on the same page regarding type of property, location and PRICE.
UNDER CONTRACTS / IN THE TRENCHES
In Ocean City, there were 162 new listings last month, 146 sold. The average sold price range was an astounding $850k average sale price with a 105 days on market average.  March is on pace to surpass these numbers!

The latest buyer craze was for beachfronts, lagoon fronts  and new construction. If you were selling a Riviera water front for 1.2 million it would get multiple bids. Any east side Gardens listing realistically priced would get attention. Open bay properties are very popular this season and 4 bedroom condos  between 29th and 39th streets are wanted as prospects aim to move up and closer to the beach from 2-3 blocks back.  Elsewhere, there are plenty of buyers willing to purchase between $275k and $450k if these listings are in good condition and accurately priced.  

There is an 8 month supply of inventory remaining. The jury is still out on which direction the market is trending. Many  overpriced, aging listings continue to be ignored and receive bids that are disappointing to these sellers. 2004 prices are not coming back soon. It seems to this author, approximately 25% of that peak value will not be recaptured in this real estate cycle.

  Meanwhile in Margate, new construction continues to give the resale listings a headache and the condo supply outweighs the demand and sales. 

Ventnor remains challenging - only veteran real estate agents can get the job done here; Most Longport sellers need to get a little reality check in their pricing and then ,they will be fine.

Sea Isle is a tight market with Realtors battling each other for market share, agents are cutting their commissions at the expense of investing those costs to real marketing  for the sellers who need it. Property sellers and agents need to find common ground on that island . 

Stone Harbor and Avalon are consistent; the Wildwoods continue to impress with their amount of sales and non-sales.
UPCOMING "OFF-SEASON" SHORE EVENTS
The "off-season" is actually one of the best times to visit the shore.  Here are some events that you don't want to miss!  Of course - it is also the perfect time to buy, sell or invest in real estate.
 
3/11: 
Book Sale @ Library/Community Center
4/1 - 4/2:
Girls Weekend  & OC Con - Comic Book & Memorabilia Show
4/8:  
DooDah Pararde, Mr. Mature Pageant (hosted by Regis Philbin) & Great Egg Hunt

3/11:
St. Patrick's Day Parade & Festival

3/11:
Stone Harbor Shiver
3/26:  
Ocean Drive Marathon (SIC also)
4/5-4/6: 
 Avalon Garden Club Plant Sale
4/12: 
 Wine & Spirit Festival
4/13:  
Town-Wide Yard Sale

4/26:
15th Annual MBA Wine Tasting 

(Click on the town name for details and a full calendar of events)
WALTON TEAM - - NEW LISTINGS
Great Starter
332 Ocean
Completely renovated condo - for less than $325k!!
Click Photo for Details
Amazing Views
3651 West
Move in condition; Beautiful wetland views & close to beach
Click Photo for Details

Great Neighborhood
2223 Asbury
Rare Goldcoast 4 Bedroom Townhouse
Click Photo for Details 
Beach and Bay Views
4000 Asbury
Large Southend Corner Condo just steps to the beach
Click Photo for Details
 
MARKET ACTION
February 2017

New Listings:
162
Under Contract:
94
Sold:
52
In This Issue
The Real Story About Great Properties
Under Contracts/In the Trenches
Off-Season Shore Events
New Listings
Featured Listing
OCEAN CITY EVENTS:  
     
 
 
Who do you know that is looking to buy , sell or invest in real estate
 that could use our help?    Please call or text The
Walton Real Estate Team
 
John Walton:
609-338-7667
 
Stacy Demcher
610-662-0919
 
 
    FEATURED LISTING:
 

Large single on the bay
 with boat slip for UNDER $1M!
 
 
2208 Bay


CLICK PHOTO FOR DETAILS!

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