Parts of South Jersey Shore Real Estate Market See Modest Growth

October 18, 2017

MarketMinuteLogo2017smallThe Atlantic County area of the South Jersey Shore real estate market saw some positive gains in September. Overall, the region’s market is seeing many of the same challenges that are occurring throughout the country, according to the Long & Foster Market Minute reports. The South Jersey Shore region includes Atlantic and Cape May counties.

Jersey Shore Market Minute Chart Sept 2017

In Atlantic County, the number of homes sold increased by 5 percent in September, while the median sale price dipped by 2 percent. Cape May County experienced decreases in both areas, with the number of homes sold falling by 11 percent and median sale price declining by 10 percent.

“While many may think that the continued decline in inventory would result in further increases in median sale prices, the market is showing us that there are limits to that,” said Gary Scott, president of Long & Foster Real Estate. “The homes that are selling quickly are those that are both in good, move-in condition and priced correctly.”

Active inventory declined by 17 percent in Cape May County and by 14 percent in Atlantic County. Homes sold in about three months on average in Atlantic County and they sold in about six months on average in Cape May County. Scott cautioned homeowners planning to sell that they should be as proactive as possible when it comes to preparing their home for the market.

“Just because inventory is low doesn’t mean that a home will sell quickly,” Scott said. “Property owners looking for a fast sale still need to make sure their home is in good condition and priced right for the neighborhood, which is where a good agent can be invaluable. An expert in real estate will invest the time, effort and energy in understanding the dynamics of each market on a hyperlocal level.”

For buyers trying to purchase properties in areas where competition is high, Scott said agents should be more inventive in creating inventory opportunities than in the past. That includes reaching out to the owners of listings that expired in previous years to see if they are still interested in selling, and using property records to research homes and write to the owners to see if they might consider selling.

“In this age of technology, social media and digital presence of properties, there is a need to return to the fundamentals,” Scott said. “Agents can connect consumers in the marketplace while being a trusted advisor, helping to educate clients and assist them in interpreting market information. While regional data can provide good insight, it’s really a starting point in the research process for buyers and sellers.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

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.