Local Market Update for March 2017 versus March 2016
In a recent survey released by the New Jersey Realtors, closed sales of single family homes in Cape May County during were up 30.3% (172 units) versus March 2016’s 132 units. However, the Median sale price posted a decline of 2.4% from March 2016 ($260,000) versus $253,750 for March 2017. During the same period, inventory of homes dropped 20.2% from 1,711 in 2016 to 1,366 in 2017.
Avalon Boro
Closed sales of single family homes in Avalon were up 100% (16 units) versus March 2016’s 8 units. The Median sale price for March 2016 was $1,315,000 versus $1,717,500 for March 2017, an increase of 30.6%. Inventory of homes dropped 21.1% from 128 in 2016 to 101 in 2017.
Stone Harbor Boro
Closed sales of single family homes in Stone Harbor were up 50% (9 units) versus March 2016’s 6 units. The Median sale price for March 2016 was $1,199,500 versus $1,130,000 for March 2017, a decrease of 5.8%. Inventory of homes dropped 30.8% from 91 units to 63 units in 2017.
Cape May City
Closed sales of single family homes in Cape May were down 45.5% (6 units) versus March 2016’s 11 units. The Median sale price for March 2016 was $300,000 versus $406,500 for March 2017, an increase of 35.5%. Inventory of homes dropped 30.0% from 100 units to 70 units in 2017.
Ocean City
Closed sales of single family homes in Ocean City were down 13.6% (19 units) versus March 2016’s 22 units. The Median sale price for March 2016 was $465,450 versus $605,000 for March 2017, an increase of 7.6%. Inventory of homes dropped 15.4% from 280 units to 237 units in 2017.