Parts of the South Jersey Shore Region See Positive Trends in January 2016

February 22, 2016

Market Minute LogoThe Cape May County area of the South Jersey Shore real estate market saw favorable trends in January, 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.

JerseyShore MM Jan2016

When compared to the same month in 2015, the number of units sold in the South Jersey Shore region varied. Cape May County experienced a 10 percent increase and Atlantic County saw a 2 percent decrease. Median sale prices also varied in the area compared to January 2015, with a 15 percent increase seen in Cape May County, and an 11 percent decline seen in Atlantic County.

In Cape May County, active inventory decreased by 9 percent, while it increased there was no change compared to the previous year in Atlantic County. The days on market (DOM) average for Atlantic County was 180 days, followed by Cape May County with a DOM average of 199 days.

“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the south Jersey Shore region real estate market for 2016.”

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.