The Long & Foster Market Minute

Focus On: South Jersey Shore Housing Market June 2021

Units Sold
700
Active Inventory
2,860
Median Sale Price
$320,000
Days On Market
61
Down -3%
Vs. Year Ago
Down -25%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -43%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 700 sold this month in South Jersey Shore Real Estate versus 705 last month, a decrease of 1%. This month's total units sold was lower than at this time last year, a decrease of 3% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 942 units or 25%. The total number of active inventory this June was 2,860 compared to 3,802 in June 2020. This month's total of 2,860 is higher than the previous month's total supply of available inventory of 2,793, an increase of 2%.

Median Sale Price
Last June, the median sale price for South Jersey Shore Homes was $300,950. This June, the median sale price was $320,000, an increase of 6% or $19,050 compared to last year. The current median sold price is 7% lower than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
1,031
Current Contracts
732
Sold Vs. List Price
99.1%
Months of Supply
4.1
Down -7%
Vs. Year Ago
Down -37%
Vs. Year Ago
Up 3.7%
Vs. Year Ago
Down -23%
Vs. Year Ago

Months of Supply
In June, there was 4.1 months of supply available in South Jersey Shore, compared to 5.3 in June 2020. That is a decrease of 23% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 1,031 homes newly listed for sale in South Jersey Shore compared to 1,111 in June 2020, a decrease of 7%. There were 732 current contracts pending sale this June compared to 1,169 a year ago. The number of current contracts is 37% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in South Jersey Shore was 99.1% of the average list price, which is 3.5% higher than at this time last year.

Days on Market
This month, the average number of days on market was 61, lower than the average last year, which was 107, a decrease of 43%.

The Long & Foster Market Minute *Defined as the counties of Atlantic and Cape May in NJ.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SJSMLS/CMCAOR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS/CMCAOR or Long & Foster Real Estate, Inc.