The number of homes sold continued to decline in the South Jersey Shore real estate market last month, while the median sale price was split between the two counties, according to the Long & Foster Real Estate Market Minute report. Atlantic County reported a 26% increase in the median sale price and Cape May County exhibited a 9% decrease. Active inventory increased by 2% in Atlantic County and by 1% in Cape May County.   

The Long & Foster Real Estate Market Minute report for the South Jersey Shore region includes Atlantic and Cape May counties.
 

“In regard to the March market, many places had units sold and inventory down,” said Gary Scott, president of Long & Foster Real Estate. He added that, “Typically each market has certain nuances that differentiate it from others, which in this case would be inventory levels in the South Jersey Shore area.”  

Across the board it appeared that everyone had a bad January, a good February and a bad March in terms of home sales. However, Scott remains optimistic saying, “We simply have a lagging spring market. I don’t believe March is an indicator of how the market will remain, I’m positive April will be off the charts.” 

Scott reminded everyone that the spring market is a fundamental seasonal trend that is dependent on a variety of factors, including weather, inventory and interest rates. With interest rates continuing to be low and other economic indicators being positive Scott estimated that the spring market will become fully activated in April and give us a robust real estate environment.   

For those thinking of selling their homes, Scott highlighted things sellers need to keep in mind. “Firstly, sellers need to go to market in the best way they can – they had better declutter, stage and prepare,” he said.  

“Secondly, with pricing and inventory being geographically specific, sellers need to engage with a real estate professional,” he said. Scott stressed the importance of knowing the market conditions both where the seller is currently located and where they plan to go. 

Lastly, sellers need a good sense of where they’re going. With the market being the way it is, sellers need to be prepared to have an interim move. Scott said, “There’s no guarantee that the house you want is going to be ready when the house you sell is ready.” Sellers need to be prepared for situations where it’s possible that both of their transactions don’t quite line up. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.