Why Seller’s (Still) Have the Upper Hand in Our Market
Here’s what the latest stats say about our market.
Our South Jersey market is trending in the same direction it has been in the past six to nine months. In other words, it’s still a seller’s market, and here are the key statistics from February to give you some context.
Ocean City had 178 active listings, which is the lowest number I’ve seen in my 29 years in the real estate business. The absorption rate stood at just 1.5 months, meaning if no new homes came on the market, it would take only that long for all available homes to sell. 59 new listings came on the market, and 112 went under contract.
What about the off-shore and primary-home market? Let’s take a look at how Linwood did. There were 61 active listings, 20 new listings, and 14 properties that went under contract. The absorption rate was 4.3 months, which still constitutes a seller’s market, but not to the same degree as Ocean City.
Heading further south, Sea Isle City has been the hottest market of all, and it’s been that way for a while. Last month, there were 26 active listings, 18 new listings, and 26 properties that went under contract. The absorption rate here was just one month.
If we look at the towns even further south, the story remains the same as far as absorption rates go:
- Avalon: 2.6 months
- Wildwood Crest: 2.1 months
- North Wildwood: 2.5 months
- West Wildwood: 2.2 months
- North Cape May: 0.8 months
So whether you’re on or off the islands, we’re in a super-strong seller’s market, and in my opinion, this will continue for the next 30 to 60 days as we start the spring selling season. If you’re planning on selling your home or have any real estate questions, call or email me today. I’d love to speak with you.