December 21, 2017
Here is my Sea Isle City year end market update. 265 units have sold to date in 2017. 13% of those sales were over $1,000,000. 2016 ended with 262 units sold and 11% were over $1,000,000. This sounds like a lot of the same over the past two years and that is true, but what the numbers don’t show are some of the trends on the island.
I have been involved in several land sales in the past 12 months where the buyers have purchased a full-size duplex lot, but are in the process of building a single family house instead of a duplex. The total investment into their new home won’t be seen in the MLS market sales, but the final investment will be significant.
Another purchasing trend that can’t be seen in the stats has been the purpose behind the purchase. Most of the buyers today are buying vacation houses for the lifestyle. Time spent with family on the island is the motivation, as opposed to purely for investment purposes and renting out the houses.
These trends not only show confidence in our local market, but they also show how much people really enjoy their time spent on the island. There is a lot to like about Sea Isle City, families are investing heavily on our island and I’m proud to call Sea Isle City my home.
For those who are tracking sales prices, below is a link to the sales over the past 6 months. There are currently 31 pending units that are scheduled to settle in 2018.
Units sold in the past 6 months: http://bit.ly/2BLIqbz
Units under contract to settle in 2018: http://bit.ly/2BMMwjI