Overall, homes are moving much faster now, this February 2020, you will see many homes listed in the first time home buyers range on the mainland towns
of $250,000 or lower are going very quickly and homes priced right in that range often seeing multiple offers in the first 10 days or less on the market. If your a buyer in that range, you need to see homes as quickly as possible, because they are in demand. As you can see in the chart, the average sales price has risen from year 2018 to 2019, because the first time home buyers, and other segments as well, are coming on stronger with better results with improvements in consumer confidence in the last year.
Inventory has gone down some, which is good for sellers, and the foreclosure market in our local MLS system, has see some REO homes,go right to only sheriffs sales auctions, so that has slightly helped to raised up the median sales price on most 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. ( IF YOU SEE THE CHART 2018 vs 2019 STATS )---Notice the percentage numbers are close to 2018 stats, in most categories, except notice 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.
Most areas across our country, with strong employment nearby, have a problem with good quality home inventory for sale right now. Atlantic County still has a decent amount of inventory for strong competition in most segments,over the price of $325,000 on the mainland towns. The beach communities are still yielding good prices, the good news is Atlantic County has cleansed out a lot of properties that were off and on 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, NJ for $6,650,000 on an over sized 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..
For commercial / industrial zoned properties, activity has picked up some for improved results with the highest sold in 2019 in this segment last year was for $5,895,000. Vacant land sales are still slow on the mainland town locations and land sales are going well in most beachtowns because of the lack of building lots available. I do expect that land sales on the mainland will slowly pick up some in the next year, as our local economy keeps slowly improving and the casino base employment in AC remains stable with sustained employment. 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, helping to improve affordability and offset rising home costs in most parts of the state.
Most residents of Atlantic County would all love to see expansion at the airport and a high speed trains, if possible, bringing more people to help support our overall future job growth potential and it will enhance tourism at the shore, to strengthen our economy as well. You can see more helpful statistics geared towards your specific area and town at helpful real estate website: www.GarySimmens.com