Thursday, December 6, 2012

Wildwood Real Estate on the Move!

How's the Wildwood Real Estate market doing? Numbers show improvement!

I keep hearing it is a sellers market but for many buyers this is simply not the case. No, were not seeing sales figures like during the upswing but we are definitely seeing improvement as buyers are competing for the same properties due to a shrinking inventory of specific styles and sizes. Case in point. I have a buyer who has her heart set on a specific property and has been trying for two months to get the seller to accept their offer. In most instances I would recommend we move on to another property but realistically there is no replacement! This problem would have been unheard of 18 months ago but I see it everyday. I guess what I am saying is don't wait too long for that deal of a lifetime as it may not come before it's too late. Here are the most recent sales figures:

For the month of November 2012 we had 66 properties go to settlement throughout the Wildwoods with North Wildwood leading in number of sales at 21 properties and Diamond Beach having the highest median price of $455.000.

In Anglesea there were 5 sales of which 3 were condos and 2 single family homes. The median selling price was $327,000 while the offset from asking price to selling price was about 14%.

North Wildwood led the island with 21 sales comprised of 11 condos, 2 multi-family properties, 1 townhouse and 7 single family homes and a median price of $310,000. The spread from asking price to selling price was only 6%!

In West Wildwood there were 2 sales of which both were single family homes with a median price of $200,000. The offset was 9%.

Wildwood sales activity was up with 15 properties going to settlement. Of them 1 was a hotel, 6 condos, 2 multi-family properties, 4 single family homes, 1 townhouse and 1 building lot, a real diverse collection of sales with a median price of $178,000. The spread was only about 7%.

Wildwood Crest was second in number of sales with 19 overall. We had 6 condos, 8 single homes, 4 townhouses and 1 building lot sell with a median price of $355,000. The offset in Wildwood Crest sales was about 5%.

Lastly Diamond Beach, the gem of the southern tip of the Wildwoods. Of the 4 sales 3 were condos and 1 was a townhouse with a median price of $455,000. The offset was about 3% which was the best on the island.

There are currently 1154 properties for sale in the Wildwoods of which only 21 are REO/Bank-Owned and 95 are short sales. As of today there are 117 properties under contract that will be closing in the next 30-90 days with 16 being short sales and 9 bank owned. Of the 66 that settled in November only 3 were short and 2 were REO’s.

If you are looking to buy in the Wildwoods now is the time as interest rates remain low and sellers are looking to sell. But don’t wait too long… our inventory continues to shrink!

Island Realty Group is a Real Estate Brokerage licensed to practice real estate throughout the State of New Jersey. We are a leader is the sales of Wildwood Homes, Condos, Townhouses, Businesses and Investment Properties including distressed purchases and sales. We are the proven leader in short sales throughout Cape May County including Ocean City, Sea Isle City, Avalon, Stone Harbor, North Wildwood, Wildwood, West Wildwood, Wildwood Crest and Diamond Beach. For additional information call 609.402.8900 today.