The number of units sold increased in the Cape May County area of the South Jersey Shore real estate market 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.
When compared to the same month in 2014, the number of units sold in the South Jersey Shore region varied. Cape May County experienced a 20 percent jump and Atlantic County saw a 9 percent decrease. Median sale prices in the area varied compared to August 2014 as well, with a 1 percent increase seen in Cape May County, and a 16 percent decline in Atlantic County.
Active inventory varied in the region when compared to year-ago levels. In Cape May County, active inventory decreased by 13 percent, while it increased by 4 percent in Atlantic County. In Atlantic County the days on market (DOM) average was 117 days, followed by Cape May County with a DOM average of 163 days.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Cape May area of the South Jersey Shore region continued to see improvements in the number of homes that were sold, and we’re looking forward to a strong fall 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, Inc.