LIMITED INVENTORY, STRONG SALES, AND INCREASING PRICES: Even after a slight uptick in new listings inventory remains tight in the local market, while purchase demand remains strong. The median sale price in the local market increased slightly to $2,372,500 in January, up about 11% versus last January. For a detailed look at the market see the latest Long & Foster Market Minute Report above.
HOME PRICES SURGED 18.8% nationwide during 2021, according to the Wall Street Journal (February 22), due to low interest rates and Covid-driven buying. According to the article the increase “in mortgage rates is likely to take a bite out of the demand for housing, mostly among first-time buyers and those with limited budgets,” said Selma Hepp, deputy chief economist at CoreLogic.
STRANDED HORSESHOE CRABS are sometimes found on beaches after storms, according to an article by Stockton University. If they’re unable to right themselves using their tails, the overturned crabs are immobilized, and their gills can dry out leaving them unable to breathe. According to the article, if you come across stranded horseshoe crabs, they should be flipped over so they can return to the water, but should never be picked up by their tails. Read the article here: https://stockton.edu/news/2022/ospreys-respond-to-horseshoe-crab-stranding.html
THE STONE HARBOR SHIVER is coming up on March 19th! The event kicks off the evening before with the Pre-Shiver Party at the Stone Harbor Yacht Club, and then Fred’s Tavern will host Kegs & Eggs at 10am Saturday. The Shiver Parade leads toward the beach at noon for festivities at the Women’s Civic Club parking lot. About 1:15pm participants will take a dip in the (chilly!) ocean. Fred’s Tavern will host a post-party afterward. For details or to register visit https://www.active.com/stone-harbor-nj/water-sports/swimming/stone-harbor-shiver-2022
BARRIER ISLAND BOOKS & ART is a great shop to visit while you’re in town. Located at 301 95th Street, the second-hand book store carries fiction, nonfiction, classics, and more. Lose yourself in unusual and hard to find books, which are great for reading on the beach! While you’re there, check out artwork by local artisans, including prints, photography, and bird carvings. They’re open on weekends right now, and will expand their hours in the spring. If you happen to get to Cape may, check our their newly opened second location at 479 W. Perry Street in Cape May!
WE’RE JUST OVER THREE MONTHS from Memorial Day Weekend! Have you made your Shore Plans for 2022? Whether you need a vacation rental, or a permanent shore escape, email or call me today!
629 Avalon, Avalon Manor, $1,370,000, ACTIVE MLS#: 220396
2488 Avalon Avenue, Avalon, $6,195,000, ACTIVE MLS#: 220417
Properties Under Contract:
7888 Dune Drive, 107, Avalon, $299,000, UNDER CONTRACT MLS#: 214416
1719 Ocean Drive, 5, Avalon, $949,000, UNDER CONTRACT MLS#: 214180
227 106th Street, Stone Harbor, $2,099,000, UNDER CONTRACT MLS#: 220360