Jul 201717

Median Sale Prices Rose in the South Jersey Shore Region in June

Jul 201717

Median Sale Prices Rose in the South Jersey Shore Region in June

Market Minute Logo 2017Median sale prices increased in the South Jersey Shore real estate market in June, 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.

Jersey Shore Chart June 2017

Median sale prices increased in the South Jersey Shore region last month, with Atlantic County experiencing an 8 percent increase and Cape May County seeing a 6 percent increase. Cape May County also saw a 2 percent increase the number of homes sold, while Atlantic County experienced a 5 percent decrease.

Active inventory levels in the region declined in June. In Cape May County, inventory fell by 16 percent, while it decreased by 13 percent in Atlantic County. The days on market (DOM) average for Atlantic County was 96 days, and in Cape May County the DOM average was 149 days.

“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the South Jersey Shore region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”

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.