Sea Isle City 2nd Quarter 2012, Property transfers increase year over year.

Sea Isle City 2nd Quarter 2012, Property transfers increase year over year.

                                  2nd Quarter 2011                    2nd Quarter 2012   

Original Price                  $666,035                                   $651,196 

Sold Price                   $596,975                                  $605,505

Price to Sold %                       90%                                          93%

Days on Market                         203                                           191

Total Sales                     53 Total                                     85 Total

$35,299,897                              $55,351,718

$31,639,680                              $51,467,931

When the volume increases by these amounts this confirms the bottom of the market and the end of the seven year price slide. The inventory has become so low on properties that prices should start to increase at a rapid rate. This probably won't continue for long but this has started the recovery process. As long as mortgage rates stay low the market will help mend the market. At some point in the future we will see a quiet period where buyers and sellers will not be able to make deals and that will actually start the next upward market advance. 

With this information at hand 2012 will be the year to buy as long as rates stay below 5% for a 30 year fixed conventional loan and 5.5% for a 30 year fixed jumbo mortgage loan.

Search Jersey Shore and Sea Isle City properties at www.LandisCo.com 

Jim Sofroney

The Landis Co., Realtors

jws@LandisCo.com

609-263-3400 

www.SeaIsleCityRealEstate.com