Q: What Are the Numbers Showing for Our Real Estate Market?
by: Jeff Quintin, on June 25, 2020 - Uncategorized
Here is everything you need to know about the health of the coastal market.
I’m getting asked a lot lately about what exactly is happening in real estate, so without further ado, here are the latest stats from the markets we serve (buckle up because the swing in the market is incredible):
- In Ocean City there are 414 active homes for sale on the market, which is down quite a bit; normally, this time of year, we’d expect to see that number 27% higher. The number of homes sold is up 30%.
- In Margate, there are 216 active homes for sale, inventory is down 35%, and sales are up 10% from last month.
- In Linwood, there are 97 active homes for sale on the market, inventory is down 15%, and sales are up 44%.
- In Sea Isle, there are 81 active homes for sale on the market, inventory is down 31%, and buyer demand is up 16%.
- In Avalon, there are 134 active homes for sale, and the 27 homes sold there last month represent an 80% increase year over year.
- In Wildwood Crest, there are 123 active homes for sale on the market, inventory is down 38%, and sales are up 19%.
- In Cape May, there are 70 active homes for sale, inventory is down 44%, and demand is up about 8%.
With inventory so low and demand so high, there are only two things that can happen: Either prices will flatten and remain strong, or they will continue to rise. If you’ve thought about selling your home, this would be the time. In one of our recent sales team meetings, we did some math to find out how many buyers are active in the market per every house that’s listed. Right now, for every correctly priced home on the market, there are at least three to four buyers.
If you’re wondering what your home could fetch in this hot market, you’ll be surprised. Give me a call or send me a quick email. I’d love to hear about your situation and see if selling right now makes sense for you.