MARKET UPDATE
January 2024: A Strong Start
Our agency has experienced a strong start to the year, showing significant growth in sales on the island. For January alone, we've successfully placed 22 homes under contract, amounting to an impressive $49 million in sales. When we compare these figures to those of previous years, January 2024's performance not only surpassed the majority of last year's records but also shows the highest financial achievement in recent history.

Here is a quick comparison of January over the past five years:
  • 2024: 22 homes under contract, totaling $49 million
  • 2023: 4 homes under contract, totaling $7 million
  • 2022: 18 homes under contract, totaling $28 million
  • 2021: 25 homes under contract, totaling $39 million
  • 2020: 21 homes under contract, totaling $28 million

This year's achievements are particularly noteworthy, as they not only show an increase in the number of homes placed under contract compared to most previous years (with the exception of 2021), but also the highest total sales values we've seen.

The surge in the market performance is tied to economic trends, influenced by the Federal Reserve's actions and the stock market's response. Ever since Jerome Powell hinted toward us being "deep into restriction territory" of the U.S. economy and fight against inflation in November, we have seen a boost in consumer confidence in our market.

Those same thoughts were confirmed again in their recent Fed meeting. Mortgage rates have continued to fall to their lowest levels in recent history, drumming up more demand for home sales, with the 10-year Treasury Note holding around 4%. Although confidence in rate cuts by the Fed come March has receded, we have continued to reach all-time highs in the S&P 500 and the Dow Jones, mainly due to large Tech posting strong earnings. Overall, we are bullish on the spring real estate market in every segment.

Thinking About Buying or Selling?
With only 64 single-family homes for sale in Avalon & Stone Harbor, and 19 condos/townhomes, inventory remains at very low levels. In light of this impressive start to the year, 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.
Thank you, clients!
Congratulations to Paul for achieving the prestigious Platinum Level of the New Jersey Realtor's Circle of Excellence award. This accomplishment is a testament to not only our dedication and service but also to our clients and your unwavering trust and support. Your partnership has been instrumental in our team's success, and we thank you for making The Sudell Team your choice in real estate.
Avalon & Stone Harbor Spring Events
March Madness & Marketplace
The Princeton, Avalon | March 7-9
Thursday & Friday | 4-8pm
Saturday | 11am-5pm
Stop by The Princeton for the first weekend in March to grab a cocktail and some retail therapy! Local store vendors will be participating in the new March Madness & Marketplace event featuring basketball on the televisions, and your favorite stores and boutiques hosting pop-up shops throughout the weekend! Stay tuned for a full list of participants as we get closer to the date, and we'll see you at The Princeton!
Stone Harbor Shiver Weekend
March 15 & 16
The Stone Harbor Shiver returns for a full weekend of fun and competition, ending with an icy plunge into the Atlantic Ocean! Pre-register and enjoy a buffet dinner and drinks on Friday evening at the Yacht Club of Stone Harbor, and start your day bright and early on Saturday at Fred's Tavern with some pre and post fun! The annual Shiver Parade will leave Fred's parking lot at Noon, and following the costume contest, participants will jump into the Atlantic Ocean around 1pm! Stay tuned for registration information!
Island News & Updates
Trash & Recycling Cans Policy Update for Summer 2024!
Attention residents! To streamline Avalon's waste management process, the borough recently implemented a new trash and recycling can requirement. Prior to last summer, each property received a branded trash and recycling receptacle (see image). While trash continued to be collected through the summer in regular cans, that is no longer permitted. Trash and recycling will only be collected if placed in the borough-distributed receptacles.
  • Mandatory Use of Borough Receptacles: Only the newly issued Borough trash and recycling cans will be collected. Older versions will not be serviced.
  • No Additional Pickup for Old Cans: There are no plans for further collection rounds for old trash and recycling cans.
  • Disposal of Old Cans: Owners are encouraged to bring their old cans to the Public Works facility at the 15th Street entrance. Drop-offs are welcome during business hours, 7am-3pm, daily (except holidays).
  • Purchase of Additional Cans: Residents may buy one additional 96-gallon trash can, and one additional 95-gallon recycling can for $100 each. Forms are available at Public Works. Owners have the option to take the cans immediately or arrange for a drop-off at their property on the Thursday of the following week.
Avalon Announces New Tennis Courts for 8th Street Complex
Avalon Borough is set to enhance its 8th Street Recreation Complex with the addition of three new tennis courts, replacing the three that were converted into pickleball courts in 2023. Construction has officially begun and is estimated to be completed mid-April, weather depending. During construction, the 8th street basketball courts will be closed, however the pickleball courts will remain open.
96th Street Road Construction
96th Street is undergoing construction for a water main replacement, closing vehicle access between Second and Third Avenues. Construction is expected to occur through the end of February, with traffic being detoured via 94th and 98th streets. The road will, however, be open on weekends - Friday evenings to Monday morning, and all stores and the sidewalks are open throughout the project as well.
AHLOA Announces Spring Into Summer Series
Avalon's Home and Land Owner's Association recently announced a collaboration with borough officials, the Avalon Free Public Library, the Avalon Chamber, and the 7 Mile Business Community Association for an exciting new event series, Spring Into Summer, launching in June 2024. The month-long series will blend existing events with new attractions throughout five themed weekends:
May 31-June 2 | Arts & Music
June 7-9 | Explore Nature
June 14-16 | Family Fun
June 21-23 | Summer Solstice
June 28-30 | Wellness

The festivities will begin with a kick-off event on May 31 at 7pm at Surfside Park with a concert held by students from the Paul Green Rock Academy. Stay tuned for the complete schedule of events!

In addition to this new events series, the 2024 Thursdays at Surfside Summer Concert Lineup was also recently announced. Sounds like Summer 2024 is going to be a great time for vacationers and residents!
NEW LISTING ALERT!
412 42nd Street, Avalon
$8,449,000
6 BR | 8 BA

Discover waterfront luxury with this newly built residence in Yale Harbor, featuring breathtaking southwest sunset views. The property features custom finishes, expansive decks, wet bars, an elevator, and 2 deep-water boat slips. Designed for elegance and entertainment, it's the epitome of bay-front living. Contact us for a private showing!

FEATURED LISTINGS
197 63rd Street, Avalon
$6,195,000
5 BR | 4 BA

Located just steps away from the beach, this beautiful property is equipped with underground utilities and a low dune line, further enhancing the dynamic ocean views. The property, built by DL Miner and OSK Builders, features a spacious deck space offering waterfront views, and a spacious layout, designed for both entertaining and relaxation.

5878 Ocean Drive, Avalon
$7,999,000
6 BR | 7 BA

Unique and expansive bay front home with unobstructed sunset and bay views, and only one block from the beach. Featuring 6,380 sq. ft. of conditioned living space, one of the island's largest pools, and a detached guest house with bedroom, bathroom, tv room, and kitchenette. Enjoy island views from the 1,000 sq. ft. rooftop deck, featuring a cabana, refrigerator, and sink for prime entertainment space.

UNDER CONTRACT
281 7th Street, Avalon
A unique opportunity to own in the quiet Northend of Avalon with a charming and well-maintained 4 bedroom, 2.5 bathroom property. The prime location is just a short walk to the 8th Street recreation complex, and beach access. For those looking to redevelop, a 3-story single family home up to 3,780 sq. ft. can be built with inlet and water views from the 2nd and 3rd floors.
227 22nd Street, Avalon
Newly built 5BD/7BA luxury home near the center of town, ready for Summer 2024. This home features over 3,000 Sq. Ft. of living space, a pool, and extensive storage. A short walk to the beach, this property is a lucrative rental investment with potential earnings of $130,000+ per season.
902 Ocean Drive, Lower Township
Located in Cape May's premier boating resort, The Canyon Club, this unit features panoramic marina views, and is recently updated. Features include a modern kitchen, upgraded living spaces, and private decks to enjoy waterfront views. The unit comes fully furnished and is move-in ready.
SOLD
2713 Dune Drive, Avalon
A prime 1,238 sq. ft. commercial space in the heart of Avalon's business district. The property is currently hosting a linen rental business and features recent upgrades including cork siding, a new roof, and mini-split systems, plus a large patio ideal for outdoor use. The location's appeal is enhanced by Avalon's upscale amenities and vibrant business scene.
236 22nd Street, Avalon
An exceptional oversized townhome, boasting 2,870 sq. ft. of fully furnished living space. This property offers a single-family home feel, with highlights including Hardie Plank siding, Ipe decking, and Mahogany ceilings. New owners will enjoy a private pool and cabana within a spacious backyard, far larger than typical townhomes in this area.
700 Park Blvd., West Cape May
This beautiful West Cape May home is just a short walk to downtown, restaurants, and shops. The home features two master suites, an open floor plan with a gourmet kitchen boasting granite countertops and stainless steel appliances, including a wine fridge. Congratulations to the new family eager to create summer memories in this ideally situated property!
17 Park Blvd., West Cape May
Congratulations to the buyers of this premier property in West Cape May. Their choice to invest in this newly renovated 3-bedroom condominium, conveniently located within walking distance to both the town and beach, is a great financial decision. This property promises to be an exceptional vacation home, offering a foundation for their family's growth and great summer memories!
Contact us today if you are thinking about
buying, selling, or renting!
Direct: 609-967-0334 | Office: 609-967-4200