October- Market Stats

Avalon and Stone Harbor:  During the month of October, 27 properties SOLD (settled)  There are an additional 48 properties sale pending with settlement in the near future.

Prices ranged from $369,899 for a 2 bedroom condo on the bay; to $2,800,000 for a new, Stone Harbor custom home on a large lot- 1 block from the beach.  The median selling price was $1,445,000.

19 of the 27 sales were single family homes.

Statistically,  current market values are in line with values from 2003.   If you calculate the entire 10 year period (a reasonable holding time for real estate), seashore real estate still grew in value.

Example (based on an actual house located in the 100 block of 36th Street, Avalon).  Standard 2 level upside down style home built in 1980.  It SOLD in 1988 for $281,500; 1990 for $325,000;  1998 for $355,000; 2002 for $849,000; and in 2005 for $1,782,830.  Realistically, this house is worth in the $1,400,000 range today (falling within the average 20% decline since the peak in 2005). 

If you would like specific value information for your neighborhood, please let me know-  ann@anndelaney.com