More than half of every residential dollar spent on Seven Mile Island this summer flowed through just 17 properties.
Homes selling for at least $5 million generated approximately $128.7 million — 54.1% of the $238 million spent in Avalon and Stone Harbor from Memorial Day through Labor Day, according to Cape May County MLS records.
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Yet those properties represented fewer than one-third of the island’s 55 summer closings.
Broaden the line to $3 million, and the concentration becomes even clearer.
Thirty-five homes sold at or above that mark.
Together, they generated approximately $201.9 million — 84.8% of the summer’s residential sales volume.
The remaining 20 sales totaled about $36.1 million.
Seven Mile recorded sales across a wide range of prices this summer.
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But its dollar volume remained heavily dependent on a relatively small group of trophy homes.
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