In the first quarter of 2016, we had 1,400 new properties come on the market. That’s about the same amount as we did last year, but there were certain areas where we saw significant increases in the previous year’s numbers.
In Cape May County, we sold over 400 properties in the first quarter of this year, up 5% from last year. The Cape May Court House area saw its average sale price increase by 3%, and residents of North Cape May saw their average sale price go up 6%. The average time on the market in North Cape May decreased by an average of 1-2 months. In the lower part of Cape May, more properties went on the market, and the days on market increased by about 25 days.
In other areas like Ocean City, we’ve seen inventory levels remain steady the last few years. We are currently back over 900 properties on the market, which has gone up. At the same time, the number of homes that have actually sold has gone down a little bit. We are seeing a downward trend in regards to pricing in Ocean City, as it’s down for the third straight year.
One positive sign we saw was the number of homes sold. Although not as many sold, they were selling at a pretty good pace, indicating buyers in the marketplace are making quick decisions.
Next, let’s take a look at Sea Owl City. This place has an interesting dynamic. Home sales have decreased by about 33% in the last year, but the average sale price was up 11%. Like we said, it’s an interesting market.
Finally, we take a look at Upper Township. Right now, it’s as robust an area as it could be. We’ve seen a 27% increase in home sales and an 11% increase in average sale price. This is a very strong market right now.
There you have it, our stats for the first quarter of 2016 in South Jersey. If you have any questions at all, give us a call or send us an email. We would love to hear from you!
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