Thursday, June 30, 2016 / by Teresa Dipeso
2016 Housing Market Off to a Strong Start in Cape May County
SWAINTON – Spring has been good to the Cape May County housing market, evidenced by the most recent data from New Jersey REALTORS®. The traditionally busy buying and selling season has Cape May County ready for continued growth.
In May, the entire state saw a 14.1 percent growth in closed sales on all properties. The number of homes for sale was down 13.3 percent from the previous year, but the median sales price rose a modest, but positive 1.6 percent.
In May, Cape May County saw a 15.6 percent reduction in single family homes for sale over a year ago. With less homes for sale, sellers are seeing their homes on the market for an average of 121 days, down 11.7 percent from the same time last year. Median sales price for single family home rose 2.1 percent over May 2015 and now the County average sits at $335,000. Year-to-date closed sales for the entire county are up to 641, a 2.9 percent increase over the same period last year.
The continued good news for buyers and sellers is the historically low interest rate, still on the decline, according to Freddie Mac. The average commitment rate for a 30-year, conventional, fixed-rate loan was 3.56 percent in June. A year ago at this time, the same rate averaged at 4.02 percent. That good news will push confidence — and affordability — higher.
When you are ready to buy, rent or sell a shore home, contact the DiPeso Group. We have the knowledge, experience and market expertise designed to help you reach your goals. We look forward to working with you!