Well the year is over and 2008 was not quite as good as 2007 for the Sea Isle City Real Estate Market, but it wasn't awful either. Here is how we made out.
From January 1st, 2008 until December 31st, 2008, 178 homes have sold or gone under contract in Sea Isle.
13 Single Family homes sold-(Some were tear downs and were purchased for redevelopment purposes)Under $600K--3
$600K-$800K--6
$800K-$1M--2
Over $1M--3
2 Vacant Lots
Priced $625K and $850K
4 Multi-Family Homes
Priced at $362K, $625K, $700K and $1,280,000
Condos/TownhomesUnder $400K--23
$400K-$600K--39
$600K-$799K--59
$800K-$900K--13
Over $900K--10
Currently Still Under Contract/Hasn't Closed Yet2 Single Family Homes priced at over $1M
4 Condos priced $249K-$609K
9 Townhomes priced $535K-$1,179,000
In 2007, we had 239 homes that sold or went under contract, so we are down approximately 25% in transactions.
We are basically back to 2004 prices--In 2004, the average sales price was approx. $670,829 with a median of $650,000, the average days on the market was 161 with a median of 136 days. In 2008, our average sales price was $640,963, with a median of $650,000, the average days on the market was 223 with a median of 170 days.
With low interest rates, reduced home prices and plenty of inventory, we are predicting a great 2009!
