Homes all over the South Jersey region sold at a much higher rate in April than they had the previous year. Atlantic County, for instance, had an almost 27% increase in completed sales of single-family homes when compared to April 2015. Although there was the increase in sales, prices continued to drop in the county. The median price fell to $168,500 in April, which was down more than 12% from last year.
Even though single-family homes dropped in price last month, it was a completely different story for townhouses and condos, which are a very popular option near the beaches of the Jersey shore. To go along with a nearly 35% increase in overall sales, the prices for these type of homes increased about 6% with the median sitting around $429,000.
This is a very good sign for the overall real estate market. Despite the price dropping on single-family homes, there are a lot of signs pointing to a very active market. This should ultimately help the prices rebound, as there becomes more of a demand in the market. So if you have been thinking about putting your house on the market, it looks like a good time to contact a realtor.
*All data was obtained from the New Jersey Association of Realtors
Written by Jeremy Cohen