Hello on a rainy and windy Sunday! My back yard has more down trim limbs from the wind and rain. Home ownership maintenance never seems to end does it? In fact last week in the previous storm part of my gate fence ripped off in the high winds we had in Egg Harbor Township. But always worth in the end! Speaking of home ownership and real estate, here are some stats for you.
The real estate market in South Jersey is still moving quickly and sellers are getting great prices for their properties. See the attached Atlantic County graph chart for example showing the year 2002 to 2023 comparisons. Very tight inventory causes high prices still for sellers, see the chart the new listing for the year are down 16.3%, closed sales down only because of the low limited inventory is down 21.7% on single family homes. Average marketing time, being days on the market, stayed about the same, percentage received of list price was about the same year to year too because of the tight inventory. Even some luxury homes over 2 million are still selling quickly in this market, all relative to location, pricing correctly to begin with, and condition.
One large jump was the 55 plus–Adult community stats—Sales were up 23.5% and the average sales price in this segment was up 11.5% even though the inventory supply was up 11.5%— which shows you the demand is still there for buyers staying strong. With 3 rate cuts penciled in and projected by the experts for the Feds for 2024, the demand will increase more from buyers and prices will most like continue to appreciate upwards, as the inventory stays tight with a low supply.
Now, changing subjects, if you are a frustrated Philadelphia Eagles fan like me watching them self destruct this year, wondering what you think about the two new coaching hires announced for offensive and defensive coordinators? I feel, with Howie Roseman making some keep player moves this year, the Birds could be back in the hunt in the Super Bowl again. I like the two new coaches hired. But I think the Eagles need to add a better backup quarterback this year. As far as the 4 NFL teams left, I am hoping KC Chiefs and ” Big Red Andy Reed” lose today and I am personally very tired of seeing KC in all the TV commercials! I would love to see Detroit Lions and Ravens end up in the Superbowl and the Lions win it, the Lions are so overdue! I am definitely rooting for the underdog this year.
Back to the winter weather and South Jersey real estate now, please keep in mind, I have seen over many winters of selling real estate for over 45 years that many buyers get much better buys in the winter with less buyers out usually seriously looking in the colder weather. Remember as the weather warms and possible rate drops the buyer volume and demand and competition will increase! So if you are ready to make your move soon, keep me in mind and I will get you on track of reaching your goals. Have a good winter! Gary.