September saw a rise in median home sale prices and active inventory in parts of the South Jersey Shore, according to the Long & Foster Real Estate Market Minute Report. Atlantic County exhibited a 30% increase in median sale price, while Cape May County experienced a 13% decline.
Atlantic County also saw a 10% increase in homes available for sale while Cape May County showed a 6% drop. Year-over-year, units sold declined in both counties with Atlantic County experiencing a 1% decline and Cape May County dipping by 4%.
“In general, September was a great month for real estate sales,” said Gary Scott, president of Long & Foster Real Estate. “While unit sales were up in many places, it’s also a double-edged sword because more sales means declines in active inventory.”
Interest rates remain historically low, which is creating a great opportunity for many people to buy a home or refinance. “Finding an excellent real estate agent and mortgage consultant is key to helping you work through your options if you’re considering buying or refinancing,” Scott said. “Anyone considering a refinance should ask themselves a few questions first, such as, how long you plan to live in the property, how much will the refi cost, and is refinancing affordable.”
Scott also had some advice for first-time homebuyers. “Make sure you have a mortgage pre-approval, a great agent with experience in the neighborhood where you want to live, visit homes as soon as they go on the market, and be ready to make a quick decision,” Scott said. “If you really want the house and it’s in a lower price bracket, submit a strong offer. Trying to negotiate could put you at risk of losing the home to another buyer with a stronger offer.”