2
Dear Friends and Clients,
Animal spirits in 2022 are not what they were in 2021. Economic and political turbulence has made it a trying year for many across the world and has dislocated major markets. However, real estate on the Seven Mile Island has shown stability. There is also good news for those looking to buy for the first time and those considering making a switch within the Island. After nearly a decade of declining inventory, there’s been a notable increase in listings to choose from. So far, we see this as a healthy and unsurprising development for several reasons. The base level was extraordinarily low and there’s been meaningful appreciation in property values over the past several years. Further, it does not appear that the increased inventory is weakening the market, as asking prices are also up this year and inventories are still below 2020 levels (which were historically low). A gauge of market saturation tells the same story. Pending sales as a percentage of active listings, which approximates demand relative to supply, sits at 34% – well above the average of 24% over the previous 5 years. While our complete market data is available on pages 4-7, here are some highlights: • There were 16% fewer transactions in Q3 of ‘22 compared to ‘21 • Average sale prices were up nearly 6% while median prices were down by roughly the same amount
The planning process for our new office at 2743 Dune Drive is well underway and the additional space (nearly triple) will be welcome by all. Look for us there by 2/1/23. We are thrilled with our first year at Compass! Together with our new colleagues we participated in over 30% of the $5.5m+ sales on the island and 45% of those over $7m. At the extreme high end of the market ($9m+) Compass was responsible for seven units, more than twice the next closest agency. We’re also proud of our rental team, who has contributed nearly 60% of Compass’s signed rental listings this fiscal year. Their hard work, expertise and awareness of rental market trends has made them a valuable resource for our clients and fellow team members alike. We hope you’ll stop in to see us on Festive Friday or even sooner! In the meantime, I wish you and your family a healthy and joyous Holiday Season! My group and I are grateful for your friendship and ongoing loyalty. We look forward to working with you in 2022 and beyond!
Thank you and all my best wishes!
RJ Soens 609.602.2267 rjs@soensgroup.com
P.S. If you are looking for a nostalgic and unique gift for the holidays, Avalon Maps offers framed prints of many historic Avalon and Stone Harbor maps. The prints perfectly capture both the continuity and evolution of an island that for generations has meant so much to so many families.
•
Properties took 11% less time to sell
•
Current inventories are up 60% and the median asking price is up 25%
Made with FlippingBook Ebook Creator