May 2024: The Weather is Finally Turning!

Avalon and Stone Harbor - Posted: 05/09/2024

May 2024: The Weather is Finally Turning!

After a slow start to spring, we're finally seeing some pleasant weather as temperatures begin to rise. With the warmer weather, we're also welcoming a wave of buyers and tenants. Market trends, especially in new construction, show promising signs of appreciation, with recent contracts exceeding last year's sales by over 6%. This resilience is encouraging, especially in these complex economic times.

The overall economy remains robust, influencing the Federal Reserve's decision to hold off on rate cuts until possibly later this year, impacting mortgage rates. However, this hasn't deterred buyers from seeking valuable investments on the 7 Mile Island. Several properties have already traded off-market, so if you're considering a purchase, don't hesitate to get in touch.

And for those still planning their summer vacation, The Sudell Team still has some great rental properties available. Contact us to find the perfect vacation spot for you and your family.

Current Island Inventory for May 2024

• Single Family Homes in Avalon & Stone Harbor: 74
• Condominiums: 33
• Lots: 9
• Commercial: 5

Thinking About Buying or Selling?

Inventory remains at historically low levels. In light of this impressive start for the first quarter, and the promising market outlook, we encourage anyone considering buying or selling in this area to reach out to The Sudell Team. Our expertise and access to exclusive listings ensure you'll receive unparalleled service and insights into the market.