Nov 201615

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

Nov 201615

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

Market Minute LogoParts of the South Jersey Shore real estate market saw increased home sales and median sale prices in October, 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 Market Minute Chart Oct 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 17 percent increase and Cape May County experiencing a 1 percent decrease. In Cape May County, the median sale price rose by 3 percent in October, while in Atlantic County it did not change from the previous year.

The entire region experienced a decline in active inventory, with Cape May County experiencing an 11 percent drop and Atlantic County experiencing a 4 percent decline. The days on market (DOM) average for Atlantic County was 108 days in October, and Cape May County saw a DOM average of 168 days.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the South Jersey Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.