Oct 201618

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

Oct 201618

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

Market Minute LogoParts of the South Jersey Shore real estate market saw increased home sales and median sale prices in September, 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 MarketMinute September 2016

When compared to the same month last year, the number of units sold in the South Jersey Shore region varied, with Cape May County experiencing a 3 percent increase and Atlantic County experiencing a 7 percent decrease. Cape May County also saw a 1 percent increase in median sale price in September, while Atlantic County experienced no year-over-year change.

In Cape May County, active inventory decreased by 10 percent in September, while Atlantic County saw a 6 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 175 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the South Jersey Shore region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.