2017 SALES IN AVALON

Posted February 8th 2018

2017 SALES IN AVALON - February 8th 2018

• 274 Total Units SOLD * $412,440,538 Total Dollar Volume

• 14.6% increase in real estate units SOLD – up from 239 in 2016

• 20.8% increase in total $$$$ volume – up from $341,364,451 in 2016 Average Sale Price of all Avalon properties in 2017 was $1,505,257

• 5.4% increase – up from $1,428.303 in 2016 Median Sale Price of all Avalon properties in 2016 was $1,255,000

• 4.6% increase - up from $1,200,000 in 2016 SINGLE FAMILY HOMES: 151 Units SOLD * $305,052,663 Dollar Volume • 9.4% increase in units SOLD - up from 138 in 2016

• 16.8% increase in $ volume - up from $261,117,652 in 2016 Average Sales Price: $2,020,216 an increase of 6.8% - up from $1,892,156 in 2016 Median Sales Price: $1,825,000 an increase of 10.4% - up from $1,652,500 in 2016 • 151 of the 274 properties SOLD were Single Family Home units

• 55.1% of all units SOLD

• 73.9% of the total $ volume SOLD Range of Single Family Home Sale Prices: $ 660,000 (292 33rd Street on 55x60’ lot) $6,500,000 (130 74th Street on 60x110’ Beach Front lot)

• 21 Single family properties sold under $ 1,000,000

• 30 Single family properties sold between $ 1,000,000 - $1,499,999

• 35 Single family properties sold between $ 1,500,000 - $1,999,999

• 44 Single family properties sold between $ 2,000,000 - $2,999,999

• 14 Single family properties sold between $ 3,000,000 - $3,999,999

• 07 Single family properties sold between $ 4,000,000 - $6,500,000 CONDOMINIUMS/TOWNHOUSES: 113 Units SOLD *$89,906,375 Dollar Volume

• 24.2% increase in units SOLD - up from 91 in 2016

• 27.8% increase in $ volume – up from $70,366,799 in 2016 Average Sales Price: $795,361 an increase of 2.6% - up from $773,261 in 2016 Median Sales Price: $715,000 an increase of 3.3% - up from $692,000 in 2016 • 113 of the 274 properties SOLD in 2017 were Condominium/Townhouse units

• 41.2% of all units SOLD • 21.8% of the total $ volume SOLD Range in Condominium/Townhouse Sale Unit Prices: $ 265,000 (7800 Dune Drive - Unit 129 – Concord Suites Condos) $1,995,000 (627 24th Street - NEW Bay Front Townhouse) MULTI-FAMILY: 2 Units SOLD *$2,750,000 Dollar Volume

• 50% decrease in units SOLD – down from 4 in 2016

• 28% decrease in $ volume – down from $3,820,000 in 2016 Average Sales Price: $1,375,000 an increase of 44% - up from $955,000 in 2016 Median Sales Price: $1,375,000 an increase of 34.4% - up from $1,022,500 in 2016 NOTE: both duplex units tear downs • 2 of 274 properties SOLD in 2017 were Multi-Family units • 0.73% of all units SOLD

• 0.67% of the total $ volume SOLD Range of Multi-Family Sale Unit Sale Prices: $1,100,000 (233 34th Street – Duplex on 50x110’ lot) $1,650,000 (2768 Ocean Drive – Duplex – Bay Front on 70x110’ lot) LOTS: 7 Units SOLD *$14,341,500 Dollar Volume

• 75% increase in units SOLD – up from 4 in 2016

• 160.5% increase in $ volume – up from $5,500,000 in 2016 Average Sales Price: $2,048,785 an increase of 49% - up from $1,375,000 in 2016 Median Sales Price: $1,830,000 an increase of 34.3%% - up from $1,362,500 in 2016

• 7 of the 274 properties SOLD in 2017 were Building Lot units

• 2.6% of all units SOLD • 3.5% of the total $ volume SOLD Range of Lot Unit Sale Prices: $1,379,000 (313 76th Street 90x100’ lot) $3,000,000 (7109 Dune Drive 105x110’ Beach Block lot) COMMERCIAL/RETAIL: 1 Unit SOLD * $390,000 Dollar Volume

• 50% decrease in units SOLD – down from 2 in 2016

• 30.4% decrease in $ volume SOLD down from $560,000 in 2016

• 1 of 274 properties SOLD in 2017 was a Commercial/Retail unit

• .37% of all units SOLD

• .09% of the total $ volume SOLD

**Sales included in this report as reported by Cape May County Multiple Listing Service for 2017 The total number of real estate units in Avalon is 5,669 excluding those owned by the Borough NOTE: 4.8% of all Avalon properties SOLD in 2017 compared to 4.2% SOLD in 2016

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