The 2016 Real Estate Market Review

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    How did the real estate market change from 2015 to 2016? We will look at the numbers from a few different areas to find out.

    First of all, Wildwood had 495 new properties come onto the market in 2016 and 210 sales; that is a 2% increase in home sales year over year. The average sales price is also up, as prices jumped 3% this year.

    In North Wildwood, 623 new listings came on the market and sales increased by 16% to 300 sales in 2016. However, the average sales price remained pretty flat, only dropping 1% in 2016.

    Wildwood Crest saw 445 new homes come onto the market in 2016 and sales increased by 19% to 241. The average sales price went up 7% year over year, which is great news for all the home sellers out there.

    In North Cape May, 189 new listings came onto the market in 2016 and there were 132 sales, which is a 28% jump sine 2015. The average price increased by 2% as well.

    Ocean City had an interesting year.

    Cape May Court House saw 300 new listings come onto the market in 2016. Sales remained steady from 2015 to 2016 with only 123 sales last year. However, the average sales price went up 1%, which is still good news.

    Continuing up the coastline to Sea Isle City, that market had 216 sales in 2016, which is down 14% year over year. However, the average sales price went up by 7.5% to about $709,000. Again, that is what the sellers want to see: increasing value.

    If we jump offshore and take a look at Upper Township, you’ll see that they had increases across the board in 2016. Home sales jumped up by 20% to 208 closed transactions, and the average sales price went up 7% to $307,000. Upper Township has seen great increases in the average sales price for two years in a row now.

    Ocean City had an interesting year; in fact, it was almost exactly the same as 2015. In 2015, there were 913 home sales, and that number only dropped to 909 home sales. The average sales price dropped by 1.25% to $568,000, which is a very minimal change. However, the biggest change in Ocean City is the number of homes that came on the market; in 2016, we had 19,056 new listings, up 5% from 2015.

    Overall, most of these areas are seeing some nice increases or remaining flat year over year. If you have any other questions about the real estate market or about buying or selling a home, give us a call or send us an email. We would be happy to help you!

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