The Cape May County area of the South Jersey Shore real estate market saw favorable trends 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.
When compared to the same month in 2015, the number of units sold in the South Jersey Shore region varied. Atlantic County experienced a 21 percent increase and Cape May County saw a 16 percent decrease. Median sale prices declined in the area compared to February 2015, with Atlantic County seeing a 14 percent decrease and Cape May County seeing a 15 percent decline.
In Cape May County, active inventory decreased by 9 percent, while there was no change compared to the previous year in Atlantic County. The days on market (DOM) average for Atlantic County was 162 days, followed by Cape May County with a DOM average of 186 days.
“The United States economy saw positive growth in the number of jobs added in February, which is good news for the housing market,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We also saw some favorable improvements happening within our market areas last month as well, including in the south Jersey Shore region. Though many places are feeling the squeeze of low inventory, we anticipate an upturn in the spring will help alleviate demand.”
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.