SOUTH JERSEY HOUSING MARKET
As South Jersey inches toward pre-recession normalcy, one old adage appears to remain true . . . it’s all about location. Specifically on the county level, data from recent reports on median home prices show Gloucester County leading the pack. A recent report showed Gloucester’s median home prices increasing 3 percent year-over-year when looking at second quarter numbers, a stand out in the Greater Philadelphia Region where many counties saw the same figure either stay flat or take a small dip. It’s fair to say it’s something to be happy about said Daren Bloomquist, Vice President of RealtyTrac, a web-site that reports and analyzes market trends and foreclosure rates. “That’s been happening now for five consecutive months, home prices have been up from a year ago,” said Bloomquist. “That’s another good sign it’s not just market fluctuations.” (Source: Gold Coast River Bank - Posted 9/29/2014 by grim)
In North Wildwood, the median selling price of a single-family home was $386,510 in the first half, 21 percent higher than the same period last year. These sales were predominantly vacation homes to residents of New Jersey and Philadelphia suburbs. High end homes with water views have sold well so far. In Ocean City, total sales volume grew nearly 10 percent in the first six months of 2014. The median single family home sold for 19 percent more than a year ago; condos in Ocean City sold for about 1 percent more. In Millville, the sales of single family homes, condos and adult communities reached 172 the first half of 2014, compared with 127 the year before. In Margate, first half sales were 106, four fewer than last year; however, the single family price was up 10 percent. (Source: Brian Ianieri, Staff Writer – Posted 2/1/2014)
Despite the national trends and statistics you might have heard, the old adage that all real estate is local has never been truer. Market facts in New Jersey, combined with national incentives, make now a good time to get active in New Jersey’s real estate market. Here’s why: (1) Seven year real estate appreciation in the Garden State -- at 37% -- is five times the national average; (2) Mortgage rates are near historic lows, giving buyers a better chance to secure low payments for years to come; (3) Housing affordability – determined by home prices, income data and other factors – is high in New Jersey; (4) The New Jersey Housing and Mortgage Finance Agency (NJHMFA) offers low interest loans and down payment assistance to first time home buyers. Find out more about those programs and the Live Where You Work initiative for all eligible buyers. In October, closed sales were up 32 percent over the same time last year. With unique and attractive neighborhoods, great schools and other benefits, New Jersey is a great fit for the three rules of real estate – location, location, location. See what makes the Garden State such a great place to live. (Source: realstorynj.com/nj-market-facts)
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