Median Sale Prices Increased in the South Jersey Shore in February

March 26, 2019

Market Minute Logo 2019 small Median sale prices increased in the South Jersey Shore real estate market last month, according to the latest Long & Foster Real Estate Market Minute report. Cape May County exhibited a rise in median sale price of 11 percent, followed by a 3 percent increase in Atlantic CountyIn Atlantic County, the number of homes sold decreased by 22 percent and Cape May County saw a 9 percent decline. Active inventory fell by 1 percent in Cape May County and remained unchanged in Atlantic County 

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

South Jersey Shore Market Minute Chart February 2019

 

In recent weeks, industry headlines have suggested that a housing bubble may be looming in the future, but Long & Foster Real Estate President Gary Scott doesn’t believe that’s the case.  

“Our current real estate market looks nothing like it did over a decade ago when we experienced a real estate bubble,” Scott said. “In 2008, we had huge price appreciation, no issues with inventory, higher interest rates and everybody could get a loan due to lax regulations.”  

For the last few years now we’ve had inventory challenges, but the fact that rates have dipped again to the lowest they’ve been in a while, bodes well for the market,” Scott said. “There are those who say inventory is easing, but we try not to generalize since the numbers vary according to market and type of home. A market like the South Jersey Shore is going to have its own unique characteristics.”  

When asked what people should keep in mind when looking for an agent, Scott noted that what most consumers really look for today is results. “It’s not necessarily that the agent is a top producer, it’s about their results,” he said. “You want their resume in terms of getting the job done better than the market gets the job done.”  

Scott said consumers should ask about certain key factors like the agent’s track record for average number of days on the market, the percentage of list to sale price and what percent of their listings sell without a price change. “It’s not necessarily about how much business the agent does, it’s about how well they do it,” Scott said 

Scott added that he is optimistic about the real estate market outlook. “People feel pretty good about the market,” Scott said. “Interest rates are down and consumer confidence is high – and both these factors continue to be our friend.” 

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.