By Gary Simmens
Overall, homes are moving much faster now. This February 2020, you will see many homes listed in the first time home buyers range of $250,000 or lower are selling very quickly. Homes, priced right in that range, are now often seeing multiple offers in the first 10 days or less on the market. If you’re a buyer in this price range, you need to see homes as quickly as possible when listed for sale, because they are in demand. As you can see in the chart, the average sales price has risen from year 2018 to 2019. First time home buyers, are coming on stronger with better results. We also see improved consumer confidence.
Inventory has gone down some, which is good for sellers. The foreclosure market in our local MLS system, has seen some REO homes, go right to only sheriffs sales auctions, so that has helped to raise the median sales price on most of the mainland towns in Atlantic County.
Listings for sale, will quickly increase for more competition in the spring market season which starts quickly now after the Superbowl. On the chart below, notice the percentage numbers are close to 2018 stats, in most categories. Also note the big jump in the 55 plus living department. This was a welcomed change, and even the condos/and townhouses have jumped up with good solid increases, for higher numbers.
The beach communities are still yielding good prices. Atlantic County has cleansed out a lot of properties that were on and off the market for 3 years or more,in some cases. for better results in the last two years, with increased sales, and sales happening faster on average.
If your selling a home now, its all about finding the right balance of correct list price in your price segment niche. Also, the homes that sell real fast are appealing and updated with modern kitchens and baths and in good show condition to yield the best results.
The highest single family home to sell in Atlantic County in 2019 was a stunning 6 bedroom beachfront in Longport, for $6,650,000 on an oversized lot with inground pool and priceless views! As well, the highest condo/townhouse to sell in Atlantic County was an expansive 5 Bedroom 4 bath 3300 square foot bayfront in Longport this past September for $1,050,000.
While up from their recent lows a few months ago, mortgage rates end the year in 2019 close to three-quarters of a percent lower than a year before. This also helps to improve affordability and offset rising home costs. Most residents of Atlantic County would love to see an expansion at the airport and high speed trains, if possible, bringing more people to help support our overall future job growth potential. Additionally, it will enhance tourism at the shore, and strengthen our economy as well.
Learn more at GarySimmens.com or join Facebook group: South Jersey Shore Living-Community and Real Estate Updates.
