First quarter results are in. Our focus this edition will be on 4 islands, as we compare their last year 1st quarter sales to this year’s 1st quarter sales.
MLS stats reveal VENTNOR seeing a drop in sales from 70 to 58 units, average price dips from $316,581 to $290,629, while days on market remains virtually the same at 88 days.
LONGPORT sales jump from 6 to 14 sold units in 2019 and sees its price range surge from 826,850 to $1,139,642, days on market spike from 119 to 214!
LONGPORT sales jump from 6 to 14 sold units in 2019 and sees its price range surge from 826,850 to $1,139,642, days on market spike from 119 to 214!
OCEAN CITY sees its sales go down from same period last year, falling from 210 to 173, despite average sales prices continuing to increase from 618,697 to 681,801. Days on market shrinks to an amazing 84 from 101 in 2018.
The WILDWOODS remain in demand matching last year’s sale total with 213 year to date. Average price range improves to $312,987 from 295,341.
Forecast for the Barrier Islands
With rates dropping, buyers are coming back to the market. Buyers are a bit hesitant, expecting new inventory to come on the market, however not enough listings are coming on. Many sellers are nervous as their showing are not immediately providing offers. Sellers wonder if their properties are overpriced. In fact, we see price reductions on the rise. Demolitions continue to be robust as they replace aging properties. Somers Point waterfront restaurant Baia is now demolished and planning redevelopment. Atlantic City continues to be on the upswing with Showboat envisioning itself as a world class casino and Stockton College will be expanding its campus in Atlantic City. This development enhances the stability of real estate values for the Jersey Shore.
