2016 Housing Market Off to a Strong Start in New Jersey

SWAINTON – Spring has been good to the Cape May County housing market, evidenced by the most recent data from New Jersey REALTORS®. The traditionally busy buying and selling season has Cape May County, and the entire state, ready for continued growth.
In May, the entire state saw a 14.1 percent growth in closed sales on all properties. The number of homes for sale was down 13.3 percent from the previous year, but the median sales price rose a modest, but positive 1.6 percent.
Cape May County echoed those numbers, with a 15.6 percent reduction in single family homes for sale over May 2015. With less homes for sale, sellers are seeing their homes on the market for an average of 121 days, down 11.7 percent from the same time last year. Median sales price for single family home rose 2.1 percent over May 2015 and now sits at $335,000. Year-to-date closed sales for the entire county are up to 641, a 2.9 percent increase over the same period last year.
The continued good news for buyers and sellers is the historically low interest rate, still on the decline, according to Freddie Mac. The average commitment rate for a 30-year, conventional, fixed-rate loan was 3.56 percent in June. A year ago at this time, the same rate averaged at 4.02 percent. That good news will push confidence — and affordability — higher.
“It may sound like old news, but interest rates this low are worth talking about,” said 2016 Cape May County Association of REALTORS® President Christine Rothwell. “It ignites urgency in the market and confidence in prospective, current, and future homeowners.”
The townhouse-condo market saw a 2.4 percent year-to-date increase in the median sales price through May. Notably, closed sales were also up 1.8 percent through May, and the number of days spent on the market sunk to 127, a 7.3 percent decrease.
To learn more about the housing market around the state, check out www.njrealtor.com/10k.