Parts of the South Jersey Shore Region See Positive Trends in December 2015

January 19, 2016

Market Minute LogoThe Atlantic County area of the South Jersey Shore real estate market saw favorable trends in December, 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.

SJShore MM Dec15 chart

When compared to the same month in 2014, the number of units sold in the South Jersey Shore region varied. Atlantic County experienced a 21 percent jump and Cape May County saw a 4 percent decrease. Median sale prices also varied in the area compared to December 2014, with a 12 percent increase seen in Atlantic County, and a 4 percent decline seen in Cape May County.

In Cape May County, active inventory decreased by 6 percent, while it increased by 5 percent in Atlantic County. The days on market (DOM) average for Atlantic County was 177 days, followed by Cape May County with a DOM average of 197 days.

“In December, the recent economic trends we’ve been seeing in the United States’ economy continued as more jobs were added and wages increased. Additionally, according to the Associated Press, new home sales jumped almost 15 percent in 2015,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We saw additional positive trends happening within Long & Foster’s footprint, including in the Atlantic County area of the New Jersey shore region. We look forward to what the 2016 market brings us.”

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, Inc.