Inventory continued to decline in the South Jersey Shore real estate market in May, according to the Long & Foster Market Minute reports. The South Jersey Shore region includes Atlantic and Cape May counties.
Active inventory fell by 12 percent in Cape May County last month, and it declined by 20 percent in Atlantic County. The number of homes sold also fell throughout the region, decreasing by 6 percent in Cape May County and by 8 percent in Atlantic County.
Median sale prices in the region varied in May when compared to the previous year. In Atlantic County, the median sale price rose by 5 percent, while it decreased by 9 percent in Cape May County. Days on market averages from the area ranged from 80 days to 136 days.
Many worry that if they didn’t buy a home during the spring season, they have missed out on the best opportunities. According to Gary Scott, president of Long & Foster Real Estate, that isn’t necessarily true, as each season’s market has its own pros and cons.
“While more homes are listed in the spring than any other season, the hot market also means you have more people competing to buy the same properties,” Scott said. “During other times of year there may be fewer choices, but there can also be more room for negotiation with fewer buyers on the market.”
Scott said home buyers who wait until next spring to purchase are likely to face higher sale prices and higher mortgage rates. He said he advises most buyers that they shouldn’t try to play the market.
“The time to buy a house is when you want to buy a house and it’s right for your personal situation,” Scott said. “You never know when the right home for your family will come on the market, but a knowledgeable real estate agent can help you be as prepared as possible for when it does.”
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.