The Burke & Co. Weekly Market Report for Avalon, Sea Isle, and Stone Harbor– Sept. 4, 2020
Well the long awaited stock market correction seemed to occur (or perhaps be occurring) on September 3rd. The S&P and Dow shaved off around 3% and the hot and heavy tech stocks of the Nasdaq ceded almost 5%. How is the real estate market at the southern NJ shore faring?
Well, as we’ve seen for week after week, the number of homes sold and going under contract remains at an impressive level. However, there is one emerging trend that might be a sign of some relief for frustrated buyers (and buyers’ agents). The number of new listings in Sea Isle, Avalon, and Stone Harbor is ticking up. We might still see those properties going under contract with multiple offers contending for them at a dizzying pace, but all markets do eventually stabilize themselves to some type of equilibrium.
Labor Day is the unofficial marking from the traditional vacation season to the buying and selling season in some of these towns, most pointedly Sea Isle. (Avalon and Stone Harbor often see a strong buying and selling season during the summer months as well.) And a late Labor Day means that this influx of new homes for sale seen this week is actually a little early.
Catch your breath. Enjoy the holiday weekend. There’s something in the wind that might be pushing shore home owners towards listing their homes this fall. It could be the incredibly high prices. Those prices were created by a stressed and limited supply. Of course, the antidote to a short supply is coincidentally rising prices. So there’s an ebb and flow. Sellers have enjoyed an incredible summer, but somebody is bound to wait a little too long and see themselves in a sea of other like minded homeowners on the market.
For now, those who are considering selling might do well to seize the opportunity. For buyers, perseverance and decisive action in the face of opportunity is the recipe for success. And which ever side of the equation you find yourself, an active, connected, and powerful resource on the ground is key to accomplishing whatever real estate goal is before you.
We’re always here. We’re ready to help. And we are anxious to talk. Reach out and let’s discuss your goals and how to make them a reality. Burke & Co. will deliver…
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