Aug 201622

Inventory Remained Low in the South Jersey Shore Region in July 2016

Aug 201622

Inventory Remained Low in the South Jersey Shore Region in July 2016

Market Minute LogoThe South Jersey Shore real estate market saw the trend of decreased active inventory continue in July, according to the Long & Foster Market Minute reports. The South Jersey Shore market includes Atlantic and Cape July counties. The Long & Foster Market Minute reports are based on data provided by the South Jersey Shore and Cape July 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.

JerseyShoreMM July2016 chart

When compared to the same month in 2015, the number of units sold in the South Jersey Shore region declined, with Atlantic County experiencing a 10 percent decrease and Cape May County experiencing an 11 percent decrease. In Cape May County, active inventory decreased by 9 percent, while Atlantic County saw a 3 percent decline from the previous year.

Median sale prices also declined in the area in July, falling by 10 percent in both Atlantic County and Cape May County. The days on market (DOM) average for Atlantic County was 103 days and Cape May County saw a DOM average of 174 days.

“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly, in Long & Foster’s market area we saw home sales slow while median sale prices increased in many parts of the Mid-Atlantic,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”

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.