Sea Isle City Housing Market Update – October 2024: What You Need to Know
If you’re considering buying or selling a home in Sea Isle City, New Jersey, you’ll want to keep an eye on the latest real estate trends. As of October 2024, the Sea Isle City housing market is showing some interesting shifts, with changes in inventory, prices, and sales activity. Here’s a detailed look at the key factors impacting the local market this fall.
1. Number of Homes Sold: A Year-Over-Year Increase
In October 2024, 12 homes were sold in Sea Isle City, a slight increase from the same time last year. While the overall number of transactions remains relatively low, this uptick in sales suggests that buyers are still active, despite a somewhat slower market.
2. Active Inventory: A Tightening Market
The current inventory of available homes stands at 62 listings, down from 69 homes in October 2023. That’s a 10% decrease year-over-year. However, compared to September 2024, inventory has increased by 9%, which is a positive sign for buyers looking for more options.
Despite this modest rise, the market is still experiencing limited inventory, which often leads to competitive bidding, especially for well-priced homes in desirable locations.
3. Median Sale Price: A Significant Decrease
Perhaps the most striking trend in Sea Isle City real estate this October is the drop in the median sale price. In October 2023, the median sale price for homes in Sea Isle City was $1,800,000. This year, it dropped to $1,286,000, a significant decrease of $514,000.
While this drop might sound concerning, it’s important to note that the median sale price can fluctuate due to the relatively small number of transactions. Still, the lower median price could present an opportunity for buyers, especially those looking for a property in this popular coastal area.
4. Months of Supply: A Shift Toward a Seller’s Market
In October 2024, the market had 5.2 months of supply, which is a significant improvement over 9.9 months of supply in October 2023. This means that homes are selling faster, and there is less time for buyers to make decisions. The decrease in months of supply points to a tightening market, making it more of a seller’s market, where sellers may have the upper hand in negotiations.
For prospective buyers, this means less negotiating power and possibly more competition, so it’s important to act quickly if you find a property you love.
5. New Listings and Pending Sales: Activity Is Picking Up
In October 2024, 24 new listings hit the Sea Isle City market, a 50% increase from the 16 new listings in October 2023. This rise in new listings may give buyers a bit more to choose from, but the overall inventory is still relatively low, especially when compared to demand.
Meanwhile, there were 14 homes under contract, which is consistent with last year’s figures but 40% higher than the previous month. This surge in pending sales is another indicator that Sea Isle City remains an attractive market for buyers.
6. Sale Price to List Price: Homes Are Selling Close to Asking
In October 2024, homes in Sea Isle City sold for an average of 98.5% of the list price, a slight improvement from 94.47% in October 2023. This means that homes are more likely to sell at or near their asking price, which again suggests that sellers have the upper hand in negotiations in this market.
7. Days on Market: Homes Selling Faster
Another encouraging trend for sellers is the decrease in Days on Market (DOM). In October 2024, homes in Sea Isle City spent an average of 96 days on the market, a significant drop from 150 days in October 2023. This decline in DOM indicates that homes are selling faster, possibly due to the limited inventory and increased buyer interest.
What Does This Mean for Buyers and Sellers?
- For Buyers: If you’re looking to buy in Sea Isle City, now may be a great time to jump in. While prices have decreased, inventory is still limited, so be prepared to act quickly when you find a property that suits your needs. Additionally, homes are selling relatively close to asking prices, so you’ll want to be ready to make a competitive offer.
- For Sellers: With inventory levels low and homes selling faster, sellers may have a favorable environment to list their properties. However, it’s important to price your home correctly to avoid overpricing, which could cause your property to sit on the market longer.
Key Takeaways for October 2024 Sea Isle City Housing Market
- 12 homes were sold, up slightly from last year.
- Inventory is down 10% year-over-year to 62 homes.
- The median sale price has decreased significantly by $514,000.
- Months of supply have dropped to 5.2 months, signaling a tightening market.
- New listings have increased by 50%, and 14 contracts are pending.
- Homes are selling for 98.5% of list price, and the average days on market has decreased by 36%.
Conclusion: What to Expect in Sea Isle City Real Estate This Fall
As we move into the final months of 2024, the Sea Isle City housing market continues to evolve. With inventory tight, prices down, and homes selling faster, both buyers and sellers need to be strategic. Buyers should be prepared for competition and act quickly when they find the right home, while sellers can benefit from a favorable market if they price their homes correctly.
Whether you’re buying or selling in Sea Isle City, it’s essential to stay informed and work with an experienced real estate professional to navigate this dynamic market.