Mar 201716

Median Sale Prices Rose in Parts of the South Jersey Shore Region in February 2017

Mar 201716

Median Sale Prices Rose in Parts of the South Jersey Shore Region in February 2017

Market Minute LogoMedian sale prices, as well as the number of homes sold, rose in areas of the South Jersey Shore real estate market in February, 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.

JerseyShore MM Feb2017

The Cape May County area of the South Jersey Shore experienced a 10 percent increase in median sale price, while in Atlantic County the median sale price fell by 15 percent. The number of homes sold in February rose by 9 percent in Cape May County and decreased by 11 percent in Atlantic County.

Active inventory levels in the region declined by 12 percent in Cape May County and by 7 percent in Atlantic County. The days on market (DOM) average for Atlantic County was 104 days in February, and Cape May County saw a DOM average of 182 days.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the South Jersey Shore area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and, with continued high demand for homes, we expect to see a busy spring season.”

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.