As we head into the last few months of the year, I wanted to bring you the latest year-to-date numbers from the Jersey Shore and surrounding real estate markets to give you an idea of where our market has been in the last year and where it’s heading. Here is what you need to know about a few specific markets in our area:
- Inventory levels are down by 3%
- The number of transactions is up 8%
- The average sale price is up 3% from last year
- Homes are selling an average of three weeks faster than last year
North Cape May
- Inventory is down 14% from last year
- The number of transactions is down 9.8%
- The average sale price is up 12% from last year
- Homes are taking as long to sell as they did last year
Cape May Courthouse
- Inventory has remained relatively flat from last year
- The number of transactions is up almost 17% from last year
- Homes are selling in an average of two weeks faster than last year.
In other areas, such as Town Bank, Dennis Township, and South Dennis, the inventory levels are down about 6.5%, while sale prices are up 5% and homes are selling about a month faster than they were last year.
If you have any questions or want any more information about these markets or any other markets around the shore, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.