The New Jersey Association of Realtor’s (NJAR) latest report on home sales in the state show that values continued to fall in Atlantic County in February. The median price for a single-family home went from $192,000 last year to $169,000 this February, down roughly 12%. But the pace of sales picked up considerably in the county as the monthly report counts 158 single-family properties selling in Atlantic County last month, up from 129 in February 2015. That’s an increase of 22.5 percent year to year.
Cape May County saw an even bigger drop in prices for single-family homes, with the median sale falling from $275,000 last February to $225,000 last month, down 18.2%. The total number of single-family sales in the county stayed flat. The number of townhouse and condo sales also dropped in Cape May County, by about 20 percent, but values stayed stronger for those properties. The median price in that category, which includes the duplexes popular in many of the county’s beach towns, went from $418,000 last year to $416,500 last month, down less than half of 1 percent. Days on the market increased for both single- and multi-family properties in that county, by 3% for singles and more than 12% for condos. For all your Residential and Commercial Real Estate Appraisal needs please contact: James M. Hanson Associates, Inc. Phone: (609) 884-9185 Email: Info@AppraiseNewJersey.com