A Year-Over-Year Statistical Snapshot of Our 1st Quarter Market

    To recap our first quarter market, we’ll share some statistics and compare them to the numbers from 2017’s first quarter.

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    For our Cape May County first quarter market review, we’re giving you a quick rundown of all the latest stats from all the areas in our marketplace and comparing them with 2017’s first quarter numbers.

    Starting in Cape May Court House, there were 64 properties that came on to the market, which was an increase of 22% compared to 2017’s first quarter. The average sale price in this area also rose 23% compared to last year.

    In North Cape May, 47 properties came on to the market, which was an increase of 18% compared to last year. The average sale price in this area dropped 4%.

    One important trend we’re seeing with these offshore markets is an increase in inventory from last year

    Let’s move on to the Barrier Islands and start with Cape May. Here, there were 31 single-family homes that came onto the market in the first quarter, which was a drop of 9% compared to last year. The average sale price in this area rose 21%.

    In Wildwood Crest, 49 condos and townhouses were listed during the first quarter, which was a 55% drop compared to 2017. The average sale price for condos and townhouses rose 14%, however. As far as single-family homes go, 34 came on to the market, which was a 29% increase. The average sale price decreased in this area by just 1%.

    In West Wildwood, 13 total properties came onto the market, which was a drop of 41%. Last year there were no sales in West Wildwood, but this year there have been a few, and their average sale price was $203,000.

    In Wildwood, 68 condos were listed, which was a 15% drop. The average sale price for these properties dropped 5%. For single-family homes, 19 came on to the market, which was a 24% decrease compared to last year. The average sale price for single-family homes rose 30%.

        Inventory levels in our offshore markets have increased since last year.

    With the Barrier Islands, we’re looking at a much lower inventory level. This bodes well for sellers in that area because there are still a plethora of buyers out and about.

    In North Wildwood, 28 single-family homes came onto the market, which was a drop of 18%. The average sale price for single-family homes rose 14%. There were 100 condos and townhouses that came on to the market, and the average sale price for these properties rose 10%.

    Moving up the coast and onto Sea Isle City, there are currently 109 properties listed for sale. During the first quarter, a total of 108 new listings came on to the market, which means the market basically started over in this area at the start of the year. The average days on market in Sea Isle City is 169 days. Both 2017 and 2018 saw 66 properties go under contract and close.

    In Ocean City, there are currently 604 properties for sale, which is an extremely low number for this area. For Ocean City homeowners, this means now is an ideal time to list your home. This low level of inventory means there is not a lot for buyers to choose from. There were 481 new properties that came onto the market in this area during the first quarter, and the average days on market is about 101 days. During 2018’s first quarter, 204 properties sold in Ocean City, which is a slight drop compared to the 213 that sold in 2017.

    Moving offshore again, let’s look at Somers Point. Right now, there are 155 active properties for sale in this area, 109 of which are new properties that were listed this year. There were 31 total sales in Somers Point during the first quarter, which was a slight drop compared to the 49 that sold during last year’s first quarter.

    In Upper Township, there are 128 homes for sale, and 79 of those homes were listed this year. This area had 32 total sales during the first quarter, which was a slight drop compared to the 40 that sold during 2017’s first quarter

    If you’d like any further information about any of these areas, our marketplace in general, or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’d be glad to assist you.

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