Areas of South Jersey Shore See Increase in Home Sales in August 2016

September 26, 2016

Market Minute LogoParts of the South Jersey Shore real estate market saw increased home sales in August, 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.

South Jersey Shore MM August 2016

When compared to the same month last year, the number of units sold in the South Jersey Shore region varied, with Atlantic County experiencing a 10 percent increase and Cape May County experiencing an 18 percent decrease. Atlantic County also saw a 3 percent increase in median sale price in August, while Cape May County experienced a 3 percent decrease.

In Cape May County, active inventory decreased by 9 percent in August, while Atlantic County saw a 5 percent decline from the previous year. The days on market (DOM) average for Atlantic County was 105 days and Cape May County saw a DOM average of 168 days.

“The U.S. economy was lackluster in August, but consumer sentiment remained positive. At Long & Foster, we saw evidence of that optimism in many of our markets including in parts of the South Jersey Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory levels continue to be a source of frustration, many are still taking advantage of historically low mortgage rates, and we expect the housing market to remain steady this fall.”

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.