Apr 201718

Home Sales Rose in the South Jersey Shore Region in March 2017

Apr 201718

Home Sales Rose in the South Jersey Shore Region in March 2017

Market Minute Logo 2017The number of homes sold increased in the South Jersey Shore real estate market in March, according to the Long & Foster Market Minute reports. The South Jersey Shore market includes Atlantic and Cape May counties. The Long & Foster Market Minute reports are based on data provided by the South Jersey Shore and Cape May County multiple listing services and their member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

JerseyShore MM Chart March2017

The number of homes sold increased throughout the South Jersey Shore region in March, rising by 33 percent in Cape May County and by 24 percent in Atlantic County. Median sale prices also increased last month, with Cape May County seeing a 16 percent increase and Atlantic County seeing a 5 percent increase.

Active inventory levels in the region declined in March. In Cape May County, inventory fell by 16 percent, while it decreased by 11 percent in Atlantic County. The days on market (DOM) average for Atlantic County was 99 days, and in Cape May County the DOM average was 147 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the South Jersey Shore region where both home sales and sale prices increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by SJS and CMC, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJS, CMC or Long & Foster Real Estate.