Inventory was low in the South Jersey Shore real estate market in November, 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 remained the same or decreased. Atlantic County experienced no change and Cape May County saw a 6 percent decrease. Median sale prices in the area decreased compared to November 2014, with a 1 percent decrease seen in Cape May County, and a 7 percent decline in Atlantic County.
Active inventory remained low in the region when compared to year-ago levels. In Cape May County, active inventory decreased by 9 percent, while there was no change in Atlantic County. In Cape May County the days on market (DOM) average was 170 days, followed by Atlantic County with a DOM average of 178 days.
“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We continued to see low inventory within the south Jersey Shore region, and we anticipate a steady and healthy real estate market in 2016.”
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.