By MADDY VITALE
Here is even more evidence of the popularity of living at the Jersey Shore: People are holding onto their homes to the point that there is a shortage of inventory for realtors to sell.
It has turned into a seller’s market.
Newly released figures show that total home sales were down in October compared to last year at this time throughout the region.
The number of properties sold in October in the 12-county greater Philadelphia region, which includes portions of southern New Jersey, was down 7.2 percent from this time last year, according to a Berkshire Hathaway HomeServices (BHHS) Fox & Roach REALTORSHomExpert Market Report.
BHHS Fox & Roach President Joan Docktor said, “Total home sales were down in October compared to last year at this time because we are not meeting the demand for homes to buy. With this climate, it is a good time to sell your home.”
BHHS Fox & Roach Broker Manager Peter Madden, who is in charge of the office at 901 Simpson Avenue in Ocean City, noted, “The Ocean City housing market was strong this year. Supply of homes is low, and demand is still very strong.”
He offered this advice, “Listing right now gives a competitive advantage to the seller. There isn’t a lot of competition when trying to sell.”
Madden said that Docktor provided a good assessment of the real estate climate.
There were 6,769 homes sold compared to 7,292 sold in October 2018 in the region. The number of homes for sale is down by 12 percent, with 35,223 homes on the market this October, compared to 40,035 in October 2018, according to the REALTORSHomExpert Market Report.
Like Docktor and Madden, Patrick Halliday, BHHS Fox & Roach broker manager at 754 Asbury Ave. in Ocean City, said less inventory does not paint a complete picture.
“The decrease in the number of homes sold is not a reflection of the demand in the market, but rather the supply of inventory to satisfy this demand,” Halliday stated. “As the number of homes available for sale continues to decrease, sellers are taking this opportunity to increase the listing price of their property.”
He added that as new homes are listed for sale with a higher price point, often times this may result in “more days on market.”
“However, given the high demand and low inventory we have experienced, demand will stay strong and values have increased over the past 12 months,” Halliday added.
Halliday’s observations also were on point with the statistics, according to the market report, with average sale prices up in the Philadelphia region.
In fact, prices are up by 6.3 percent across the 12-county region, with October’s average price at $285,237 compared to $268,391 in October 2018.
Specifically, the market report found that in Cape May County, home sales are down by 8.7 percent, from 309 homes sold in October 2018, to 282 sold in October 2019.
Average sale price is up by 8 percent in Cape May County, from $565,757 in October 2018 to $613,488 in October 2019. The average number of days a home remained on the market increased by 15.7 percent, from 134 days in October 2018 to 155 days in October 2019.
Figures show that Atlantic County’s home sales were down by 21.3 percent, with 554 homes sold in October 2018 compared to 436 homes sold in October 2019.
Average home prices are up by 16 percent in Atlantic County, from $309,525 in September 2018 to $359,330 in September 2019. Average days on market decreased by 4.9 percent, from 81 days in October 2018 to 77 days in October 2019.
