The Burke & Co. Weekly Market Report for Avalon, Sea Isle, and Stone Harbor– Week ending October 3, 2020
In Zen Mind, Beginner’s Mind, Shunryu Suzuki advises: “We say, ‘When the night is here, the dawn comes.’ It means there is no gap between the dawn and the night. Before the summer is over, autumn comes. In this way we should understand our life. We should practice with this understanding, and solve our problems in this way.”
Suzuki is pointing us to a fuller understanding of reality in which we see that those things which we believe are divided are– in the deepest reality– unified. That deep truth is a tall order to comprehend. However, his simple analogy– that we sense and feel autumn even as summer remains and that summer lingers even as autumn supersedes it– is so familiar in our experience of September and October that one can almost grasp what the master offers.
And speaking of one master made me think of another master of a different kind. I recently had a conversation with Michael Mento, the mortgage master who I highly recommend at Prosperity Home Mortgage (an L&F partner). We discussed the level of burn out creeping through the industry with real estate agents, home finance professionals, title employees, buyers, etc. as the result of an extended fast-paced almost-manic market. I remarked, however, that I sensed the slightest change in conditions. It’s still intense, but my recent experience made me believe that the most intense mania was behind us. Things are calming. I was worried I might be considered crazy, but Mike is one of the most level-headed and aware people I know in this industry, and he agreed. So perhaps I am onto something.
Do the numbers bear this out? Maybe ever so slightly. We’re only talking about a perception Mike and I shared. The data will be at least a few weeks behind that front-line-finger-on-the-pulse sense. Recently surging prices and record numbers of offers say it’s still a burning summer, but the angle of the sun and that slightest breeze somewhere in the air indicates that perhaps autumn is already upon us. In 2 of the 3 towns we follow here, the number of new listings was greater than the number of homes that went under contract. Technically, inventory grew this week in Sea Isle and Stone Harbor. That’s something.
Also, we are seeing price reductions in some homes that came on the market and sat. I have identified a few properties as barometers. I saw them go on the market and said “no way”. Seeing them not go under contract and now begin to inch their asking number down is an on the ground indication that our suspicion could be correct.
Want to discuss the market or find out which “barometer” properties I’m watching? Give us a call at 609-478-0333 or email the team at [email protected]. If you are thinking of buying or selling or just wondering what your home might be worth, we’d love to discuss.
Or click any of the town links to see what was listed, went under contract, and sold at what prices this week in Avalon, Sea Isle, or Stone Harbor.
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