Median sale prices rose throughout the South Jersey Shore last month, according to Long & Foster Real Estate’s Market Minute report. In Cape May County, the median sale price rose by 13 percent, followed by a 10 percent increase in Atlantic County.
The number of homes sold increased by 3 percent in Cape May County in October. Inventory continued to decline, but at a slower pace than previous months, while the average days on market ranged from 83 days in Atlantic County to 118 days in Cape May County.
Gary Scott, president of Long & Foster Real Estate, speculates that increased home sales seen in some vacation markets like the South Jersey Shore are a result of investors diversifying their portfolios as the stock market fluctuates. When there is uncertainty in the stock market, real estate becomes more attractive to investors, he said.
“Although low housing inventory has been an issue nationwide this year, we’re starting to see those decreases wane, including in the South Jersey Shore,” Scott said. “Buyers and sellers should keep in mind that every neighborhood is different, which is why it’s important to work with an experienced real estate agent.”
Working with a Long & Foster agent, home buyers gain access to the company’s expansive network of over 10,000 agents, who are not limited to what’s currently on the market for sale today. The company itself offers a Coming Soon Portal that allows its associates to share properties that are soon to be listed for sale, and a luxury-focused private exclusive feature that showcases high-end homes that are being sold privately by Long & Foster associates.
“Interest rates are going to continue to creep up, which tends to be a motivator for many who are buying a home and can stimulate sales,” Scott said. “Those considering selling may benefit from having a pool of buyers who are serious about purchasing a home.”
Consultants from Prosperity Home Mortgage are located in almost every Long & Foster office, and they can help buyers with all their financing needs. As mortgage rates increase, the cost of homeownership grows, so it’s important that those shopping for a home meet with a mortgage consultant who can help them get pre-approved and lock in at current rates, Scott said.
Disclaimer: Information included in this report is based on data supplied by South Jersey Shore and Cape May County multiple listing services and their member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.