Sea Isle City Real Estate
Sea Isle's real estate market has been on a roller coaster ride the last ten years. From the sky high prices and building boom of 2006 to the near total collapse of the real estate marketing in 2008 and 2009, to the rebound in 2012 through 2016, Sea Isle's real estate market has seen it all. New construction is back in full swing and existing home sales are doing well. Some of the credit goes to mortgage rates that are still incredibly low compared to the past fifty years. However most of the credit goes to plain old value. Sea Isle is a great town and while real estate prices here are high, they are a great value compared to Avalon and Stone Harbor.
Prices of homes for sale in Sea Isle City range from $110,000 for a one bedroom, one bath apartment condo on Landis Ave to $3,000,000 for a five bedroom, four bath beach front single family home. However most existing homes for sale in Sea Isle are side by side style houses with four bedrooms and three baths. Most new homes are five bedroom three and a half bath side by sides. Prices generally vary from $475,000 to $1,600,000 depending on the age, size and location of the home.
Average home prices in Sea Isle have finally increased to above 2008 levels. And prices are still trending up. Home values have gone up about 10% in the last year and are projected to be stable for the next year. The median home price in 2015 was approximately $654,000. The longer trend for Sea Isle home values is very positive. In fact even the long term impact of super storm sandy is helping with real estate values all over the jersey shore. Yes, near term the effects were terrible with record flood damage and significant clean up cost. But the long term effect more than compensates for the short term cost of the storm. Homes further north on the jersey shore that were heavily damaged and totally destroyed are being rebuilt higher, larger and with more amenities. In fact almost every house that is rebuilt will be at the maximum size allowed. While this may forever change the nature of these towns, it will raise property values. And rising property values to the north will have a direct and upward influence on values in Sea Isle City and other Cape May County shore communities. Think about the average new home in Sea Isle in 1999 compared to today. Today's new homes are much larger and have amenities that were unheard of fifteen years ago. The average new home in Sea Isle today has 5 bedrooms and 4 full bathrooms. Elevators and kitchens with professional grade appliances are common place. And the result is that values have increased for all properties. Older, smaller homes may only be sold as tear downs but they increase in value and that's good for all homeowners.
The latest news in Sea Isle's real estate market is the development in Townsend's Inlet at the site of the former Busch's restaurant. Busch's which ceased operations as a restaurant after the summer of 2013 (the bar remained open through summer 2014) was demolished and redeveloped. Doc Magrogan's Oyster House now occupies the first floor of a large complex with rental condo units above. This is the largest single development in Townsend's Inlet since the site of Garrity's Restaurant was redeveloped as single family homes over 9 years ago. The residents of Townsends Inlet seem split on whether this new development will be good for the southern tip of Sea Isle. On the positive side Townsend's Inlet could use a restaurant since Busch's closing left no large sit down restaurants north of 61st street. Many are concerned that Doc Magrogan's could change the quiet nature of Townsend's Inlet leading to traffic, parking and noise problems on summer weekends.
The other big change in Sea Isle's real estate market is the return of a floor area ratio requirement. This means that new homes constructed in Sea Isle will finally stop increasing is size. The limits were removed after Sandy to spur new construction and redevelopment. However the result was a never ending contest among builders and real estate developers to build the largest possible houses on a given lot size. The return of the floor area ratio means that new side by side town houses in Sea Isle will be slightly smaller that the six and seven bedroom monster homes that have been built in the last few years. The builders don't like it but the change was overwhelmingly supported by both year round and seasonal home owners.
Prices of homes for sale in Sea Isle City range from $110,000 for a one bedroom, one bath apartment condo on Landis Ave to $3,000,000 for a five bedroom, four bath beach front single family home. However most existing homes for sale in Sea Isle are side by side style houses with four bedrooms and three baths. Most new homes are five bedroom three and a half bath side by sides. Prices generally vary from $475,000 to $1,600,000 depending on the age, size and location of the home.
Average home prices in Sea Isle have finally increased to above 2008 levels. And prices are still trending up. Home values have gone up about 10% in the last year and are projected to be stable for the next year. The median home price in 2015 was approximately $654,000. The longer trend for Sea Isle home values is very positive. In fact even the long term impact of super storm sandy is helping with real estate values all over the jersey shore. Yes, near term the effects were terrible with record flood damage and significant clean up cost. But the long term effect more than compensates for the short term cost of the storm. Homes further north on the jersey shore that were heavily damaged and totally destroyed are being rebuilt higher, larger and with more amenities. In fact almost every house that is rebuilt will be at the maximum size allowed. While this may forever change the nature of these towns, it will raise property values. And rising property values to the north will have a direct and upward influence on values in Sea Isle City and other Cape May County shore communities. Think about the average new home in Sea Isle in 1999 compared to today. Today's new homes are much larger and have amenities that were unheard of fifteen years ago. The average new home in Sea Isle today has 5 bedrooms and 4 full bathrooms. Elevators and kitchens with professional grade appliances are common place. And the result is that values have increased for all properties. Older, smaller homes may only be sold as tear downs but they increase in value and that's good for all homeowners.
The latest news in Sea Isle's real estate market is the development in Townsend's Inlet at the site of the former Busch's restaurant. Busch's which ceased operations as a restaurant after the summer of 2013 (the bar remained open through summer 2014) was demolished and redeveloped. Doc Magrogan's Oyster House now occupies the first floor of a large complex with rental condo units above. This is the largest single development in Townsend's Inlet since the site of Garrity's Restaurant was redeveloped as single family homes over 9 years ago. The residents of Townsends Inlet seem split on whether this new development will be good for the southern tip of Sea Isle. On the positive side Townsend's Inlet could use a restaurant since Busch's closing left no large sit down restaurants north of 61st street. Many are concerned that Doc Magrogan's could change the quiet nature of Townsend's Inlet leading to traffic, parking and noise problems on summer weekends.
The other big change in Sea Isle's real estate market is the return of a floor area ratio requirement. This means that new homes constructed in Sea Isle will finally stop increasing is size. The limits were removed after Sandy to spur new construction and redevelopment. However the result was a never ending contest among builders and real estate developers to build the largest possible houses on a given lot size. The return of the floor area ratio means that new side by side town houses in Sea Isle will be slightly smaller that the six and seven bedroom monster homes that have been built in the last few years. The builders don't like it but the change was overwhelmingly supported by both year round and seasonal home owners.
Sea Isle City Real Estate Trends
Average Home Price in Sea Isle City by Year
The average home price in Sea Isle City fell over $40,000 from its peak of $634,000 in 2008 for the years 2009 through 2013. This is actually a larger reduction in price than it initially seems because newly constructed homes are significantly larger than the tear downs they are replacing. As the Average Real Estate Sale Price in Sea Isle chart shows, the decline in price from 2008 to 2009 was the largest percentage decline. Since 2011 the average home price has been relatively stable at about $575,000. However the trend in 2014 and 2015 was positive and has continued into 2016, with prices now well above the prior peak in 2008.
Sea Isle City Average Homes Sales by Month
The chart shows the average number of homes sold per month in Sea Isle City. The chart includes all real estate transactions in Sea Isle City since January of 2008. Late spring and early summer months have the highest number of home sales in Sea Isle. Sale volumes rise again late in the year with November and December sales. The number of real estate transactions in Sea Isle is lowest in February. As you can see from the chart above, the volume of home sales increases in the spring and peaks in early summer. The volume of real estate transactions is lowest late summer and fall since few homes are put on the market in summer.
Sea Isle City Home Sales By Month 2008 - 2016
The seasonality of the real estate market in Sea Isle can be seen in the Home Sales by Month in Sea Isle City chart above. Sale volume grows through the spring and ebbs from mid-summer through the fall with another smaller increase in home sales at the end of the year.
Home Sales in Sea Isle 2008 - 2016 Year to Date
As the chart above illustrates, the volume of Homes Sold per Year in Sea Isle City increased steadily from a low of 233 homes sold in 2008 to an average 266 homes sold per year in 2010 and 2011. Real estate sales increased sharply in 2012 and sale volume held steady through 2015. The volume of home sales in each of the last four years was well over 300 units. This trend is certainly positive and points to a vibrant real estate market in Sea Isle. However some of the increase is due to the number of homes available for sale in Sea Isle. As old smaller single homes are torn down and replaced by the large side by side condos that are so common in Sea Isle, the number of available housing units is increased.
Value of Annual Home Sales In Sea Isle City 2008 - 2016 Year to Date
The Total Value of Real Estate sold in Sea Isle City was approximately $200,000,000 each year in 2012, 2013 and 2014. This was mainly due to the significant increase in the number of real estate transactions, although an increase in the average home price in Sea Isle also contributed to these record levels. In 2015 the value of real estate sold soared to $220,400,000. This new record is the result of high sales volume, increased prices and the increasing size of new homes. Through mid year, 2016 is on track for another record year.
Sea Isle City Real Estate Transactions - Summary
There were 329 real estate sale transactions reported in Sea Isle City in 2014. The average number of homes sold per month was 27. The properties sold had an average sale price of $621,515. December was the most active month with 45 homes sold. August was the month with the highest average home price of $721,076.
2015 ended with 337 homes sold at an average price of 654,000. This is the highest average price ever for real estate in Sea Isle since and marks a full recovery from the housing bust of 2008.
2015 Homes Sold in Sea Isle City: 337
2015 Average Price of Homes Sold in Sea Isle City: $654,120
2015 Total Value of Homes Sold in Sea Isle City: $220,438,436
2016 is shaping up to be a good year and should end up close to the 2015 for homes sold, average price and value of real estate sold.
The Sea Isle City real estate market is busiest in spring and fall. Summer is the slowest season with a marked decline in both the number of homes listed and sold. The following is a summary of the real estate transactions by month in Sea Isle as reported by the Cape May County Clerk's office.
2015 ended with 337 homes sold at an average price of 654,000. This is the highest average price ever for real estate in Sea Isle since and marks a full recovery from the housing bust of 2008.
2015 Homes Sold in Sea Isle City: 337
2015 Average Price of Homes Sold in Sea Isle City: $654,120
2015 Total Value of Homes Sold in Sea Isle City: $220,438,436
2016 is shaping up to be a good year and should end up close to the 2015 for homes sold, average price and value of real estate sold.
The Sea Isle City real estate market is busiest in spring and fall. Summer is the slowest season with a marked decline in both the number of homes listed and sold. The following is a summary of the real estate transactions by month in Sea Isle as reported by the Cape May County Clerk's office.
September 2016 Sea Isle Real Estate Transactions
Homes Sold: 22
Average Price of Homes Sold: $800,712
Total Value of Homes Sold: $17,615,667
Average Price of Homes Sold: $800,712
Total Value of Homes Sold: $17,615,667
August 2016 Sea Isle Real Estate Transactions
Homes Sold: 15
Average Price of Homes Sold: $596,833
Total Value of Homes Sold: $8,952,500
Average Price of Homes Sold: $596,833
Total Value of Homes Sold: $8,952,500
July 2016 Sea Isle Real Estate Transactions
Homes Sold: 20
Average Price of Homes Sold: $676,150
Total Value of Homes Sold: $13,523,000
Average Price of Homes Sold: $676,150
Total Value of Homes Sold: $13,523,000
June 2016 Sea Isle Real Estate Transactions
Homes Sold: 31
Average Price of Homes Sold: $667,016
Total Value of Homes Sold: $20,677,500
Average Price of Homes Sold: $667,016
Total Value of Homes Sold: $20,677,500
May 2016 Sea Isle Real Estate Transactions
Homes Sold: 47
Average Price of Homes Sold: $658,304
Total Value of Homes Sold: $30,940,275
Average Price of Homes Sold: $658,304
Total Value of Homes Sold: $30,940,275
April 2016 Sea Isle Real Estate Transactions
Homes Sold: 28
Average Price of Homes: $740,121
Total Value of Homes Sold: $20,723,375
Average Price of Homes: $740,121
Total Value of Homes Sold: $20,723,375
March 2016 Sea Isle Real Estate Transactions
Homes Sold: 16
Average Price of Homes Sold: $617,813
Total Value of Homes Sold: $9,885,000
Average Price of Homes Sold: $617,813
Total Value of Homes Sold: $9,885,000
February 2016 Sea Isle Real Estate Transactions
Homes Sold: 21
Average Price of Homes Sold: $678,500
Total Value of Homes Sold: $14,248,500
Average Price of Homes Sold: $678,500
Total Value of Homes Sold: $14,248,500
January 2016 Sea Isle Real Estate Transactions
Homes Sold: 33
Average Price of Homes Sold: $608,787
Total Value of Homes Sold: $20,089,982
Average Price of Homes Sold: $608,787
Total Value of Homes Sold: $20,089,982
December 2015 Sea Isle Real Estate Transactions
Homes Sold: 24
Average Price of Homes Sold: $712,579
Total Value of Homes Sold: $17,101,900
Average Price of Homes Sold: $712,579
Total Value of Homes Sold: $17,101,900
November 2015 Sea Isle Real Estate Transactions
Homes Sold: 42
Average Price of Homes Sold: $660,276
Total Value of Homes Sold: $27,731,600
Average Price of Homes Sold: $660,276
Total Value of Homes Sold: $27,731,600
October 2015 Sea Isle Real Estate Transactions
Homes Sold: 17
Average Price of Homes Sold: $572,612
Total Value of Homes Sold: $9,734,400
Average Price of Homes Sold: $572,612
Total Value of Homes Sold: $9,734,400
September 2015 Sea Isle Real Estate Transactions
Homes Sold: 23
Average Price of Homes Sold: $759,125
Total Value of Homes Sold: $17,461,175
Average Price of Homes Sold: $759,125
Total Value of Homes Sold: $17,461,175
August 2015 Sea Isle Real Estate Transactions
Homes Sold: 19
Average Price of Homes Sold: $719,125
Total Value of Homes Sold: $13,663,375
Average Price of Homes Sold: $719,125
Total Value of Homes Sold: $13,663,375
July 2015 Sea Isle Real Estate Transactions
Homes Sold: 30
Average Price of Homes Sold: $647,183
Total Value of Homes Sold: $19,415,500
Average Price of Homes Sold: $647,183
Total Value of Homes Sold: $19,415,500
June 2015 Sea Isle Real Estate Transactions
Homes Sold: 39
Average Price of Homes Sold: $673,777
Total Value of Homes Sold: $26,277,316
Average Price of Homes Sold: $673,777
Total Value of Homes Sold: $26,277,316
May 2015 Sea Isle Real Estate Transactions
Homes Sold: 35
Average Price of Homes Sold: $643,183
Total Value of Homes Sold: $22,523,999
Average Price of Homes Sold: $643,183
Total Value of Homes Sold: $22,523,999
April 2015 Sea Isle Real Estate Transactions
Homes Sold: 28
Average Price of Homes Sold: $498,107
Total Value of Homes Sold: $13,946,991
Average Price of Homes Sold: $498,107
Total Value of Homes Sold: $13,946,991
March 2015 Sea Isle City Real Estate Transactions
Homes Sold: 34
Average Price of Homes Sold: $720,853
Total Value of Homes Sold: $24,509,000
Average Price of Homes Sold: $720,853
Total Value of Homes Sold: $24,509,000
February 2015 Sea Isle City Real Estate Transactions
Homes Sold: 28
Average Price of Homes Sold: $596,957
Total Value of Homes Sold: $16,714,809
Average Price of Homes Sold: $596,957
Total Value of Homes Sold: $16,714,809
January 2015 Sea Isle City Real Estate Transactions
Homes Sold: 18
Average Price of Homes Sold: $631,021
Total Value of Homes Sold: $11,358,371
Average Price of Homes Sold: $631,021
Total Value of Homes Sold: $11,358,371
December 2014 Sea Isle City Real Estate Transactions
Homes Sold: 45
Average Price of Homes Sold: $570,860
Total Value of Homes Sold: $25,688,705
Average Price of Homes Sold: $570,860
Total Value of Homes Sold: $25,688,705
November 2014 Sea Isle City Real Estate Transactions
Homes Sold: 28
Average Price of Homes Sold: $557,429
Total Value of Homes Sold: $15,608,000
Average Price of Homes Sold: $557,429
Total Value of Homes Sold: $15,608,000
October 2014 Sea Isle City Real Estate Transactions
Homes Sold In Sea Isle City: 26
Average Price of Homes Sold in Sea Isle City: $651,673
Total Value of Homes Sold in Sea Isle City: $16,943,500
Average Price of Homes Sold in Sea Isle City: $651,673
Total Value of Homes Sold in Sea Isle City: $16,943,500
September 2014 Sea Isle City Real Estate Transactions
Homes Sold In Sea Isle City: 21
Average Price of Homes Sold in Sea Isle City: $714,131
Total Value of Homes Sold in Sea Isle City: $14,996,750
Average Price of Homes Sold in Sea Isle City: $714,131
Total Value of Homes Sold in Sea Isle City: $14,996,750
August 2014 Sea Isle City Real Estate Transactions
Homes Sold In Sea Isle City: 33
Average Price of Homes Sold in Sea Isle City: $721,075
Total Value of Homes Sold in Sea Isle City: $23,795,500
Average Price of Homes Sold in Sea Isle City: $721,075
Total Value of Homes Sold in Sea Isle City: $23,795,500
July 2014 Sea Isle City Real Estate Transactions
Homes Sold In Sea Isle City: 25
Average Price of Homes Sold in Sea Isle City: $ 683,898
Total Value of Homes Sold in Sea Isle City: $17,097,450
Average Price of Homes Sold in Sea Isle City: $ 683,898
Total Value of Homes Sold in Sea Isle City: $17,097,450
June 2014 Sea Isle City Real Estate Transactions
Homes Sold In Sea Isle City: 40
Average Price of Homes Sold in Sea Isle City: $ 656,701
Total Value of Homes Sold in Sea Isle City: $26,268,037
Average Price of Homes Sold in Sea Isle City: $ 656,701
Total Value of Homes Sold in Sea Isle City: $26,268,037
May 2014 Sea Isle City Real Estate Transactions
Homes Sold In Sea Isle City: 39
Average Price of Homes Sold in Sea Isle City: $ 561,854
Total Value of Homes Sold in Sea Isle City: $21,912,332
Average Price of Homes Sold in Sea Isle City: $ 561,854
Total Value of Homes Sold in Sea Isle City: $21,912,332
April 2014 Sea Isle City Real Estate Transactions
Homes
Sold In Sea Isle City: 20
Average Price of Homes Sold in Sea Isle City: $ 562,903
Total Value of Homes Sold in Sea Isle City: $11,258,070
Average Price of Homes Sold in Sea Isle City: $ 562,903
Total Value of Homes Sold in Sea Isle City: $11,258,070
March 2014 Sea Isle City Real Estate Transactions
Homes
Sold In Sea Isle City: 24
Average Price of Homes Sold in Sea Isle City: $601,354
Total Value of Homes Sold in Sea Isle City: $ 14,432,500
Average Price of Homes Sold in Sea Isle City: $601,354
Total Value of Homes Sold in Sea Isle City: $ 14,432,500
February 2014 Sea Isle City Real Estate Transactions
Average
Price of Homes Sold in Sea Isle City: 14
Average Price: $ 538,964
Total Value of Homes Sold in Sea Isle City: $ 7,545,500
Average Price: $ 538,964
Total Value of Homes Sold in Sea Isle City: $ 7,545,500
January 2014 Sea Isle City Real Estate Transactions
Homes
Sold In Sea Isle City: 17
Average Price of Homes Sold in Sea Isle City: $ 642,467
Total Value of Homes Sold in Sea Isle City: $ 10,921,949
Average Price of Homes Sold in Sea Isle City: $ 642,467
Total Value of Homes Sold in Sea Isle City: $ 10,921,949
Real Estate Offices in Sea Isle City
Berkshire Hathaway Fox & Roach - 4015 Landis Avenue, Sea Isle City Phone: (609) 263-2227
NJ Realty Sea Isle - 4914 Landis Ave, Sea Isle City Phone:(609) 263-2267
Coldwell Banker Laricks Real Estate - 4110 Landis Ave, Sea Isle City Phone:(609) 263-8300
Summer Winds of Sea Isle Realty - 26 38th St, Sea Isle City Phone:(609) 263-2390
Farina & Boeshe Real Estate - 4110 Landis Ave, Sea Isle City Phone:(609) 263-8300
Sea Isle Realty - 6300 Landis Ave, Sea Isle City Phone:(609) 263-5301
The Landis Co, Realtors - 6000 Landis Ave, Sea Isle City Phone:(609) 263-3400
C. A. McCann & Sons, Inc Realtors - 4111 Landis Ave Sea Isle City Phone:(609) 263-7422
Townsends Inlet Realty - 8505 Landis Ave, Sea Isle City Phone:(609) 263-7200
Freda Real Estate - 6216 Landis Ave, Sea Isle City Phone:(609) 263-2271
RE/MAX Beach Home Realty - 4200 Landis Ave, Sea Isle City 08243 Phone: (609)263-3600
NJ Realty Sea Isle - 4914 Landis Ave, Sea Isle City Phone:(609) 263-2267
Coldwell Banker Laricks Real Estate - 4110 Landis Ave, Sea Isle City Phone:(609) 263-8300
Summer Winds of Sea Isle Realty - 26 38th St, Sea Isle City Phone:(609) 263-2390
Farina & Boeshe Real Estate - 4110 Landis Ave, Sea Isle City Phone:(609) 263-8300
Sea Isle Realty - 6300 Landis Ave, Sea Isle City Phone:(609) 263-5301
The Landis Co, Realtors - 6000 Landis Ave, Sea Isle City Phone:(609) 263-3400
C. A. McCann & Sons, Inc Realtors - 4111 Landis Ave Sea Isle City Phone:(609) 263-7422
Townsends Inlet Realty - 8505 Landis Ave, Sea Isle City Phone:(609) 263-7200
Freda Real Estate - 6216 Landis Ave, Sea Isle City Phone:(609) 263-2271
RE/MAX Beach Home Realty - 4200 Landis Ave, Sea Isle City 08243 Phone: (609)263-3600