The Jersey Shore region saw median sale prices of homes increase last month, according to the Long & Foster Real Estate Market Minute Report. The median sale price rose by 26% in Atlantic County and by 17% in Cape May County. Home sales fell 32% in Atlantic County and 10% in Cape May County, and inventory continued to drop throughout the region.
“Interest rates, pent up demand and low inventory have created a frenzy in the real estate market – it’s a great time to be a seller,” said Gary Scott, president of Long & Foster Real Estate. “The question is, will that last?”
Due to the pandemic, there’s been a shift in what people are looking for in terms of property type, Scott said. For years, many were moving to more urban, walkable areas but now people are migrating to more rural environments and beaches. “If you can see the water and smell the salt air, you’re smoking hot,” he said. The drastic increase in remote work is making it easier for people to move to a new location.
“Regardless of how hot the market is and how low inventory is, you still need to be priced right and have your home in good condition if you plan to sell,” Scott said. “You can either sell in 15 days with multiple offers or sit on the market for a long time. And from a buyer’s perspective, you’d better be ready to make quick decisions.”
For those concerned about buying or selling in a pandemic, Scott reassures them that it’s a safe activity. Long & Foster Real Estate agents are largely utilizing virtual capabilities to handle transactions, and when connecting in person is necessary, they’re practicing the fundamentals of social distancing, he said. That includes using masks, hand sanitizer, maintaining six feet of distance, and limiting showings of homes to one or two people at a time.
“We feel that it’s safer to show a home or tour one than it is to go to the grocery store,” Scott said. “We’re maximizing our virtual capabilities and will continue to do so.”