Avalon and Stone Harbor Housing Market: October 2024
The Avalon and Stone Harbor real estate market experienced a mix of trends in October 2024. While the number of homes sold remained steady, there was a notable decrease in median sale prices. Here’s a breakdown of key market trends for this popular shore area.
Units Sold: A Solid Increase
In October 2024, 23 homes were sold in Avalon and Stone Harbor, reflecting a 45% increase compared to the 16 homes sold in October 2023. While the market hasn’t seen drastic changes, this uptick in sales signals steady activity and continued demand in the area.
Active Inventory: Slight Decrease from Last Month
Currently, there are 141 homes on the market in Avalon and Stone Harbor, an 18% increase from 120 available homes last October. However, compared to last month, inventory is down by 12% from 161 listings in September. This decrease suggests that options may be more limited for buyers this month.
Median Sale Price: A Notable Drop
The median sale price in October 2024 dropped to $2,553,795, down 20% from $3,175,000 last year. This $621,205 decrease reflects a cooling in prices compared to the previous year, though it is still one of the higher price points along the Jersey Shore. The drop may present an opportunity for buyers, but it also signals that sellers need to adjust their pricing expectations.
New Listings and Pending Sales: More Activity
There were 29 new listings in Avalon and Stone Harbor this October, an increase of 45% from the 20 new listings in October 2023. Similarly, the number of pending contracts surged to 32, compared to just 10 last year, showing a 220% increase. This suggests strong demand and an active market, even with the price adjustments.
Months of Supply: Slight Decrease
The months of supply for homes in Avalon and Stone Harbor is 6.1 months, slightly down from 6.3 months in October 2023. This metric indicates that the market is balanced between buyers and sellers, though the slight decline in supply may mean that homes are selling a little faster than last year.
Sale Price to List Price Ratio: Sellers Still Negotiating
In October 2024, homes in Avalon and Stone Harbor sold for 95.8% of their list price, which is virtually unchanged from 95.7% in October 2023. This shows that while homes are still selling close to their asking price, buyers may have some negotiating room, especially with the recent drop in prices.
Days on Market: Homes Selling Faster
Homes in Avalon and Stone Harbor spent an average of 110 days on the market in October 2024, a slight decrease from 113 days in October 2023. While homes are still taking longer to sell than in more competitive markets, this slight drop suggests that buyers are moving a bit faster now compared to last year.
What Does This Mean for Buyers and Sellers?
- For Buyers: The decrease in prices may provide a chance to secure a home in Avalon or Stone Harbor at a better value. However, with limited inventory, it’s important to act quickly when a home that fits your needs comes on the market. There’s still competition, especially for well-priced homes.
- For Sellers: Although prices are lower than last year, homes in Avalon and Stone Harbor are still valuable. Sellers should adjust expectations and price their homes competitively. With fewer homes available, presenting your property well could help attract serious buyers.
The Avalon and Stone Harbor real estate market remains active despite recent changes. Whether you’re buying or selling, staying informed and working with a knowledgeable real estate agent will help you navigate the current market conditions.