Recent Article I wrote out in Shore Local Magazine:
REAL ESTATE UPDATE- 2018 SHOWED SIGNS OF GROWTH ACROSS THE COUNTY.
By Gary Simmens Broker/Associate at Keller Williams Atlantic Shore Realtors
The numbers have come in for the “Tale of Tape” for the full calendar year, comparing 2017 and 2018. The inventory for Single family homes in Atlantic County was down just slightly year to year. Closed sales of single family are up 2.9% and another welcomed sign for home owners is the days on the market till sold is down a nice 14.3%. The median sales price rose up $10,000 or 5.7%. Sellers in the last year received a higher percent of 1% better in the list price to closing price ratio.
In the first-time home buyer range of $225,000 and below, the inventory is still moving very quickly in most areas of Atlantic County (if the property is listed at the correct price point). Investors are still buying and flipping homes in that price range and even at higher price with confidence in most market segments.
We still see homes being torn down on the island communities and new construction being built. The most expensive single-family home sold last year in Atlantic County was a stunning 5 Bedroom 5.5 bath beachfront home in Longport that fetched $5,140,000. Longport also holds the honors for highest price in the Townhouse-Condo Segment with a bayfront 4BR 3 bath being sold for $910,000. The most expensive commercial property sold in 2018 in Atlantic County was a 200-room hotel on 5 acres in Absecon which sold for $2,900,000.
The Condo/Townhouse stats were down slightly in the county. A positive sign however is the median sales price – up 7.3% for a higher averaged priced sold property in that segment. The 55 plus/Adult Community living segment has positive news with days on the market until sale – down a huge 37.2% for much quicker sold homes. That segment had a drop in median price – down 4.4%.
2018 was a relatively good year in real estate for Atlantic County, as growth and expansion came at last. This year should hopefully be more of the same. The current local real estate market offers a great time to buy with low affordable interest rates and very stable price points.
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