Home Sales On The Rise

Dated: 02/04/2014

Views: 3898

Across a diverse South Jersey real estate market, some noticeable trends emerged in 2013, according to an analysis by The Press of Atlantic City of data compiled by the New Jersey Association of Realtors:

Mainland Atlantic County towns experienced a spike in home sales last year, about a 16 percent increase from 2012, while sales in coastal municipalities dropped 11 percent. This includes single-family homes, condos and age-restricted communities.

A similar scene played out in Cape May County, where sales volume dropped 8 percent in seashore towns but fell only 4 percent inland.
In southern Ocean County, sales in Stafford Twp and Little Egg Harbor townships rose a combined 48 percent. On Long Beach Island (Long Beach Twp, Beach Haven, Holgate, North Beach Haven, Haven Beach, Brant Beach, Ship Bottom, Surf City, North Beach, Loveladies, Harvey Cedars, Barnegat Light), however, overall sales dropped a combined 15 percent.
Meanwhile, median sales prices for single-family homes fell in Cape May, Cumberland and Ocean counties and were flat in Atlantic County. This counters the statewide trend, which saw the median home sell for $10,050 more than the year before.

A number of factors — increased sales of distressed properties, Hurricane Sandy-related issues, an improved national economy and a still floundering local one — played a role in real estate in 2013 and may shape the market this year.
Taken as a whole, the region trailed New Jersey and the U.S. in terms of home-sales growth and prices.

Some markets in Atlantic, Cape May and Cumberland counties showed more sales or higher prices than others.
Sales were up 12 percent in Cumberland County overall, 10 percent in Vineland, 6 percent in Millville and 21 percent in Bridgeton, Realtor data show.
The median single-family home in Atlantic County sold for $210,000 in 2013, the same as the prior year, Realtor data show. In Cape May County, the median home sold for $292,750, about a 3 percent dip.
In Cumberland County, the median price dropped about 4 percent — to $135,725. Ocean County’s median home price dropped about 5 percent, to $254,900.All these figures trail the national and state averages.
In some respects, South Jersey real estate has to deal with a regional economy still struggling to add jobs lost during the recession and its aftermath.
From the Press of Atlantic City
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Robert Pileggi

I grew up in Union County and moved to Long Beach Island in 2003. I loved living here so much that I got my real estate license in 2004 and have since helped many other people enjoy living and vacati....

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