The unofficial kickoff to the summer season is only two weeks away. We are ready and looking forward to your visit. Check the events for the next month at the end of this newsletter for fun times for you and your family. Call us today so we can help with your plans.

Only 15 days until the Memorial Day Weekend season kickoff.

Kick Off Spring in Avalon! - Come Visit the Avalon Wine & Spirits Festival!
Come to 30^th Street and Avalon Avenue, 6:30 pm to 9 pm to celebrate this favorite event presented by the Avalon Chamber of Commerce and Fred's Avalon Liquor Store. The event features more than 200 wines, flavored vodka, scotch, bourbon and more! Hors d'oeurves presented by Seven Mile Island's finest restaurants. A silent auction to be held for charity and entertainment by Black Dandelion. Purchase tickets online here.

Terrapin Turtle Breeding Season Begins
Keep your eyes open and be on the lookout for turtles crossing the causeways. Slow down, proceed with extra care, and be ready to stop for our turtles. Diamond-back terrapin turtles are salt-water marsh turtles that lay their eggs on high ground beside the marshes from May to July. Unfortunately the high ground is usually the causeways leading into the barrier islands, meaning the turtles are crossing the roadways at the peak of tourist season, with many of them in danger of being struck by passing vehicles. Turtle researchers from the Wetlands Institute in Stone Harbor Boulevard are on patrol this time of year mending barrier fences and rescuing turtles before they are hit on the roads. Diamondback terrapins are protected from harvest in NJ. It is no longer legal to catch or harvest diamondback terrapins in New Jersey.

Photo source: The Press of Atlantic City

2019 Avalon Beach Project Update
Update from last month: the Avalon Borough is wrapping up the backpassing project within the next week. About 55,000 cubic yards of sand has been added to beaches between 9^th and 15^th street. Expect the beach paths to be opened and all beaches ready for your visit.

National Weather Service Improves Hurricane Messaging
The NWS has improved their procedures since Hurricane Sandy to ensure the public is not left with a false sense of security. While coastal flood warnings, high wind warnings and other non-tropical hazards were in effect, without a tropical watch or warning in effect, residents and businesses may have had a false sense of security about the destructiveness of Sandy. The NWS will now focus on the impact with their messaging instead of labeling of future storms. The National Hurricane Center now shows the earliest reasonable time when tropical storm force winds (above 39 mph) will hit, or a 1-in-10 risk. Storm surge watches and warnings were introduced in 2017, which indicated the danger of life threatening inundation from rising water moving inland, generally within 36 hours. If a Sandy storm were to strike again, the National Hurricane Center can now continue to issue tropical storm and hurricane watches plus warnings, even after a storm becomes post-tropical. ~Press of Atlantic City

Stone Harbor's Buckets Margarita Bar Approved for Deck Expansion
The Stone Harbor Planning Board granted site plan approval and variance for the construction and expansion of the 2^nd floor of the restaurant and bar adding an 80-seat indoor dining room and a 28-seat outdoor dining area with a canopy.

Avalon $2 Million Bond Ordinance to Fund Police and Public Works Improvements
The bond ordinance includes closed circuit cameras at intersections throughout the borough in addition there is funding for roadway improvements to part of Sunrise Drive, 7^th Street and 68th Street. The 30^th Street Park will get an update and the borough hall will get repairs or replacement of its roof.

Avalon Clean Water Initiative - Plastic Ordinance
According to Avalonboro.net this ordinance generally discourages and decreases the use of certain polystyrene food service products; single-use plastic bags; and plastic straws.  The ordinance goes into effect on June 1^st, 2019.  None of these products are accepted as recyclable products by the Cape May County Municipal Utilities Authority and all of it is placed in a local landfill.  There are exemptions. For more information click here.

Market Trend Update for April
Spring has arrived. Please make time to visit 7 Mile Island this month. The island looks amazing, stores and restaurants are open and the beach is ready for your long walks or relaxing afternoons reading a book by the ocean's edge. Based on the sales of the first quarter there will be lots of new home owners enjoying all of this and more!

The first quarter of 2019 saw an increase in homes placed under contract in all categories except condominiums. The influx of new inventory in the single home market along with new opportunities in the townhome market fueled these sales. First quarter saw a 33% increase in single home sales with Avalon over 52%. Townhome sales were ahead by 33%, with a 40% increase in Avalon sales.

The trend in single home sales saw an increase of 19% for April, after a slowdown in March matching transactions of 2018. Avalon was even with 2018 sales while Stone Harbor picked up some of the slack of the first quarter with an 80% increase in single homes placed under contract. Single home sales in the $1.0-$2.0 million price range numbered eight, with seven in Avalon. The newest home sold was my listing at 1025 Dune for $1,937,500. All other single home sales were of older homes, closer to the beach, needing renovation or teardown.

In the over $3.0 million price range the home sales in Avalon saw two on the bay from $3.4-$6.2 million and one beach block at $3.4 million. Note: The sale on the bayfront listed for $6.2 million was my listing - on the market for two weeks before we placed this stunning home under contract. This home was built by my husband, Mike Rennie! Stone Harbor had the highest beach block sale of $5.2 million and oceanfront sale of $5.5 million along with the sale of an oversized bayfront parcel (teardown) of $3.9 million.

The townhome market continues to exceed last year's numbers by 33%. The lack of single homes in the $800,000-$1,400,000 price range is driving buyers to the townhome property style. Sales of condominiums are off considerably (-65%), completely due to lack of inventory. 45% of the available condos are of the one bedroom floorplan, most on the condo-tel property style. Historically this has not been a category in high demand in this market.

Inventory levels continue to impact our market. While single home inventory is now higher than this time frame in the past three years, the mix is the issue. Only 24% of the single homes are priced under $2.0 million while 50% are priced over $3.0 million. As of May 1st there are only 10 homes on the entire island priced between $2.0-$2.5 million. Stone Harbor has 30% of the total available single homes with only 20% of the homes priced $2.0 million or under. The issue is not the number of homes available but the price range of the homes offered.

Every market segment can benefit from new fresh inventory. We are seeing a slowdown of appreciation not depreciation. Values are not appreciating at the same pace as the past 18-24 months. It appears we are returning to a "normal" appreciation which is healthy for any market. If selling your home is a consideration, look at these numbers. Where does your home fit in? Now is an excellent time to move up/down or trade out. Maximize your home value and trade to the next home. Realistic expectations need to prevail. If the last comparable home sold for $1.2 million, a sale the following week will not produce a $1.3 million sale. The market is not moving at that pace.

Interest rates continue to be buyer friendly with the buyer's purchasing power increasing with each rate adjustment. Several lenders are offering attractive programs with dramatically reduced rates if the buyer deposits funds with the bank. This could reduce the interest rate to less than 3.0% for a jumbo loan! Buyer demand is here and they can benefit from these excellent purchasing programs if they have a home to purchase. These appealing programs may allow some buyers to step up to a price range they never thought they could afford as their monthly carrying costs are greatly reduced with these incentives. An investment in 2019 will yield future healthy appreciation at reduced carrying costs while today's sellers enjoy the appreciation of the past few years and move those investment dollars into another viable asset.

The Ferguson Dechert sales team has been hard at work all year long earning a 48% market share in Avalon sold homes across all categories/locations/price ranges. We have placed under contract more properties than the combined sales of the next 9 agencies. The next highest producing agency has a 20% market share. Island wide our team earned a 43% market share with the closest agency at 16.7%. This success does not just "happen". It comes from years of client relationships, superior market knowledge and understanding of insurance, financing, construction and zoning, strong cohesive marketing and consistent customer service from buyers, to vacation renters, to sellers and owners; past clients and current clients.

If you are listed for sale with our office you made the right choice. If you are considering purchasing with the aid of one of our team members you made the right decision. If you are considering buying, selling or renting call me today. I will show you how and why we succeed and how we can succeed together.

THIS MONTH'S MARKET TRENDS

Only 15 Days until Memorial Day Weekend!
Call to make your plans to come to Seven Mile Island!
Call us today 609-967-0289.

• May 10^th – Avalon Wine & Spirits Festival, Avalon Community Hall, 6:30 – 9 pm
• May 11^th – Garden Club of Stone Harbor Plant & Bake Sale, Stone Harbor Firehouse, 8 am – 2 pm
• May 11^th – Avalon Fire Dept. Plant Sale, Avalon Firehouse, 8 am – 3 pm
• May 11^th – Avalon Yard Sales, Avalon Community Hall, 9 am – 3 pm
• May 11^th - Lions Club Yard Sale, Diller Vacation Home for Blind Children, 9 am – 3 pm
• May 11^th - Paper Shredding Day, Avalon Public Works, 9 am – 2 pm
• May 11^th – Avalon Fire Department Hoagie Sale, Avalon Firehouse, 10 am – 2 pm
• May 11^th – Avalon Police Department Bicycle Auction, Avalon Public Works. Noon
• May 12^th – Garden Club of Stone Harbor Plant & Bake Sale, Stone Harbor Firehouse, 8 am – 12 pm
• May 14^th – Story Time, Avalon Free Public Library, 10 am
• May 16^th – Tea Time, Avalon History Center, 11 am
• May 16^th – Story Time, Avalon Free Public Library, 10 am
• May 17^th – Stone Harbor Police Dept. Building Dedication, 11:30 am – 2:30 pm
• May 18^th – Big Band Dance: Buddy Gale Orchestra, Avalon Community Hall, 7 pm
• May 18^th – Stone Harbor Garden Club Community Yard Sale, Women's Civic Club, 8 am- 2 pm
• May 21^st – Story Time, Avalon Free Public Library, 10 am
• May 23rd – Story Time, Avalon Free Public Library, 10 am
• May 25^th – Ware at the Shore Touch Football Tournament, Stone Harbor Recreation Field, 9 am – 5 pm
• May 25^th – Survivor Stone Harbor Beach Opening Ceremony, 95th Street Beach, 12 pm
• May 25^th – Kids' Book Bingo & Summer Reading Kickoff, Avalon Free Public Library, 10 am
• May 25^th – Author Lecture: David Langfitt, Avalon Free Public Library, 6 pm
• May 26^th – Matthew Mullin Memorial 5K Beach Run/Walk, 30th St. Beach, 8:30 am
• May 26^th - Turtle Trot 5k & 2 mile Fun Walk, 95th St. Beach, 6:45 am registration, 8 am – 10 am
• May 27^th – 7 Mile Island American Legion Parade and Ceremony, Stone Harbor Women's Civic Club, 12 pm – 1 pm.
• May 27^th – Avalon Memorial Day Parade, 32nd St at Dune Dr., 9 am
• May 28^th – Story Time, Avalon Free Public Library, 10 am
• May 30^th – Story Time, Avalon Free Public Library, 10 am
• June 1^st – APAC Concert, Entertainment and Dancing with Go Go Gadjet , Avalon Community Hall, 6:30 pm
• June 2^nd – 9th – 7 Mile Restaurant Week, Island Wide
• June 4^th – Story Time, Avalon Free Public Library, 10 am
• June 6^th – Story Time, Avalon Free Public Library, 10 am
• June 8^th – Avalon Garden Club Flower Show, Avalon Community Hall, 12 – 4 pm
• June 11^th – Story Time, Avalon Free Public Library, 10 am
• June 13^th – Story Time, Avalon Free Public Library, 10 am
• June 15^th - Avalon Lions Club Pancake Breakfast, Avalon Community Hall, 8 – 11 am
• June 15^th – Avalon Historical Society Olde House Tour, Avalon Hisotry Center, 1 – 4 pm
• June 15^th – Early Avalon Exhibit Opening, Avalon History Center, 1 pm
• June 15^th – Big Band Dance: The Star Band, Avalon Community Hall, 7 pm