If you are an Owner of or have considered buying a property here in Sea Isle, you should take note that sales of New Construction units are exploding right now and it is having an effect on you.
New Construction activity has been the barometer used to forecast the Sea Isle Real Estate Market since I started to do this work. When it stalls the market is usually in some type of trouble or experiencing a correction downward. But when it starts to run then the whole market runs with it. It is the fast race car that all the slower cars get in behind to allow themselves to be drafted along. I have been a Listing and New Construction specialist since I started to work in Real Estate and I can state with great conviction that New Construction is starting a run. In the last 80 days since September 1st 2013 there have been 10 New Construction units that have gone under contract, with 9 of them being sold Pre-Construction. The Pre-Construction qualifier is a critical one. What that means is that these units were sold before the construction was completed or in many of these cases, before they had even broken ground. This kind of activity has not happened for a very long time and whenever it does it speaks to an undeniable condition. It only happens when buyers are fearful that if they wait they will lose out on the opportunity and when buyers start to think that way the advantage always shifts to the Seller.
Another important element to add to this consideration is the fact that we have at least three times as much New Construction inventory as we had last year at this time. So when you add the large volume of contracts for sale to the fact that there is so much inventory it amplifies the point being made. In the past 7 years whenever too much inventory hit the market it stalled out. Now with New Construction listings hitting the market every week, we are selling MORE New Construction that at any time in the last 7 years along with everything else in the store.
If you would like to talk about this and how it might be effecting you then give me a call at 609-263-5301 or email me at stephenfreda@gmail.com and we can talk specifically about your property.