In Avalon, not one but two $10 Million Dollar Listings go under contract. In Sea Isle, the pace for homes under agreement is almost 3 per day. And in Stone Harbor, the market supply of homes dwindles to a mere 1.5 months. Municipalities may have cancelled this year’s firework displays, but maybe there is no need for them. The Cape May County shore market is supplying their own.
Like big homes and big price tags? These two went under contract in Avalon this week. Asking over $10 million, even high-end zip codes of 7 Mile Island are sporting raised eyebrows. Check out 4099 Bayberry Drive here or check out 4369 Dune Drive here.
Sea Isle historically measures a strong market by a pace of one home under contract per day. 19 in 7 days this week is a pace almost 3 times that.
Absorption rate is the measure of the number of homes actively listed over the number of homes going under contract in a given period of time. Stone Harbor has seen 15 homes go under contract in the last 15 days. Only 36 are on the market. The absorption rate is approaching a mere 1 month of inventory. This is nothing short of incredible.
Take a look at the specific homes with these links below.
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