May 201718

Median Sale Prices Rose in the South Jersey Shore Region in April 2017

May 201718

Median Sale Prices Rose in the South Jersey Shore Region in April 2017

Market Minute Logo 2017Median sale prices of homes increased in the South Jersey Shore real estate market in April, 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 April2017

Median sale prices in the South Jersey Shore region rose last month, with both Atlantic and Cape May counties seeing a 6 percent increase. The number of homes sold in Cape May County increased by 3 percent, though Atlantic County experienced a 7 percent decrease for the month.

Active inventory levels in the region declined in April. In Cape May County, inventory fell by 17 percent, while it decreased by 13 percent in Atlantic County. The days on market (DOM) average for Atlantic County was 111 days, and in Cape May County the DOM average was 151 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the South Jersey Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

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.