Sea Isle City Housing Market Update: November 2024 – What You Need to Know
The Sea Isle City real estate market has been active this fall, with some interesting trends to watch. Whether you’re looking to buy or sell a property in this desirable shore town, it’s important to understand the latest numbers. Here’s a breakdown of the Sea Isle City real estate market in November 2024 and what it means for you.
Sales Activity: A Strong Month
In November 2024, 12 homes sold in Sea Isle City. This is a 58% increase compared to November 2023, showing that buyer interest remains strong. Even though the total number of homes sold is relatively small, it’s a positive sign for the local market. There’s still demand for properties in Sea Isle City, which is a popular vacation and second-home destination.
Inventory: Fewer Homes for Sale
The number of active listings in Sea Isle City has decreased. There are only 50 homes currently for sale—a 24% drop compared to the same time last year. This is a 16% decrease from October 2024, indicating that inventory is tighter. With fewer homes available, buyers may find it harder to find the right property.
Median Sale Price: Slight Drop
In November 2024, the median sale price of homes was $1,508,500, which is an 8% decrease from November 2023 when it was $1,645,000. While prices have decreased slightly compared to last year, the median sale price is still strong. Plus, it has increased by 17% from October 2024, showing that prices can fluctuate depending on the time of year.
Months of Supply: A Seller’s Market
The months of supply—a measure of how long it would take to sell all available listings at the current sales pace—has dropped significantly. In November 2024, there was just 4.2 months of supply in Sea Isle City. This is a 75% decrease from last year, when there were 16.5 months of supply. A lower months of supply means there are fewer homes available for buyers, making it a seller’s market. Buyers will need to move quickly if they want to secure a property.
New Listings: Fewer Homes Coming to Market
November saw only 5 new listings in Sea Isle City, a 58% drop from the 12 new listings in November 2023. With fewer new homes hitting the market, buyers may face limited options, especially if they’re looking for a specific type of property.
Current Contracts: Stable Demand
The number of current contracts (homes under contract but not yet sold) remained stable at 14 in November 2024, compared to 13 last year. This shows that demand is holding steady, even as inventory shrinks. Buyers are still actively pursuing homes, and properties are moving off the market.
Sale Price vs. List Price: Small Negotiation Room
In November 2024, homes in Sea Isle City sold for an average of 96.9% of the asking price, slightly lower than the 98.66% achieved in November 2023. This shows that while the market is still strong, buyers may have a little more room for negotiation compared to last year. However, given the limited inventory, it’s unlikely that buyers will get steep discounts.
Days on Market: Homes Are Selling Faster
Homes are selling more quickly. The average days on market (DOM) for homes in Sea Isle City was 68 days in November 2024, compared to 84 days in November 2023. This is a 19% decrease, which shows that properties are moving faster as demand remains high and inventory is limited.
What Does This Mean for Buyers?
For buyers, the Sea Isle City market is competitive. Inventory is low, so you’ll need to act fast when a good property comes up. Prices have dropped slightly compared to last year, but they remain high compared to many other areas. If you’re serious about buying, make sure you have your financing lined up and be prepared to make an offer quickly.
What Does This Mean for Sellers?
For sellers, now is a great time to list. With fewer homes on the market and strong demand from buyers, your property could sell quickly and for a good price. Homes are moving faster, and with fewer competing properties, you may be able to sell closer to your asking price.
Conclusion: Sea Isle City Real Estate Outlook
The Sea Isle City housing market remains strong as we head into the end of 2024. While inventory is low and prices have dropped slightly from last year, demand is still high. This creates a seller’s market, but buyers who are prepared can still find good opportunities. Whether you’re buying or selling, understanding these trends will help you navigate this competitive market.
For more detailed market insights, visit the Long & Foster Market Minute for Sea Isle City.