Lower Township - Third Quarter Market Report 2019

Lower Township - Third Quarter Market Report 2019

During the third quarter of 2019 there were 159 residential closings in the Lower Township area ranging in price from $61,850 after a major price reduction for a two bedroom, 2 bath manufactured home in the Bayshore Woods adult community to a 4 bedroom, 3.5 bath upside down new construction Bayfront home at 907 Shore Drive that sold for $1,135,000 (cash). 301 E. Pacific Ave. in Villas sold for $106,500 after 604 days on the market, proving again there is a lid for every pot. The average sale price was $261,626 and total sales for the quarter amounted to $41,598,550. Average time on the market was 116 days. There were two sales of over $1,000,000+.During the same period in 2018 there were 151 residential sales with a combined sales total of $31,338,539 and an average sale price of $207,539 and an average time on the market of 109 days. 103 Beach Drive in North Cape May sold for $800,000.Prices overall were 26.1% higher in this quarter than they were in 2018 and sales volume was up 13.1%. It is worthy to note that the stock market has also moved into and remained in record high territories. Generally, a rising stock market may result in more discretionary income for future home buyers but it is hard to prove a direct relationship between the two markets. Either way it s been a win-win for anyone currently in the game, but home equity has remained the most valuable asset for most families. Currently there are 172 active residential listings in Lower Township ranging in price from $45,000 to $1,890,000. More information is a phone call away.(Information was compiled from the Cape May Multiple Listing Service and deemed reliable but not guaranteed.)This is Wayne Piersanti, Broker-Salesperson for Coastline Realty, keeping it real. I can be reached at (609) 540-3374 and theshire3099@comcast.net. Coastline Realty is a full service, family owned and operated, award winning real estate agency.