Southern Jersey Shore home prices begin to tick up

From the Press of Atlantic City:

South Jersey Shore’s home prices finally on the rise

The shore area of South Jersey finally may be joining the improving housing market elsewhere in the nation.

The median existing single-family home in the region sold for $7,800 more in the second quarter than one year earlier, according to recently released data from the National Association of Realtors, or NAR.

The price difference represents a nearly 4 percent increase on the median home sale in a region encompassing Atlantic, Cape May and Cumberland counties.

The median price — $226,500 in the second quarter — means half of homes sold for less, half for more.
Nationally, median sale prices increased about 12 percent during that same period, which the National Association of Realtors said was the strongest year-over-year price gain in seven years.

“Within the last two years, I’ve certainly seen prices stabilize. For a while, they were going in a downward direction,” said John McCann, co-owner and broker of record at McCann Realtors, which predominantly serves Sea Isle City and Ocean City. “There’s evidence of absolute improvement compared to where we were, but we still have a ways to go.”

McCann said interest rates, which are still relatively low but have been increasing the past few months, had been motivating some buyers.

“I’ve had several settlements over the past four months because of interest rates starting to move. After (the rates) came up, they became more aggressive with their searches. Now I’m seeing people looking and pulling the trigger,” he said.

But another measurement, this one by CoreLogic, a data and analytics company based in California, offered a different take on regional home prices.

The firm said Atlantic County prices, including distressed sales, increased about 1 percent in June from a year ago. Excluding those short sales and foreclosures, prices increased about 4 percent.

CoreLogic said Cape May County prices increased about 5 percent in June from a year ago, and nearly 6 percent excluding distressed sales.

CoreLogic said prices still declined in June in Cumberland County, by almost 3 percent from June 2012 including distressed sales. But excluding distressed sales, prices dropped even further — about 7 percent.

This entry was posted in Housing Recovery, Shore Real Estate, South Jersey Real Estate. Bookmark the permalink.

65 Responses to Southern Jersey Shore home prices begin to tick up

  1. Comrade Nom Deplume at the beach says:

    Frist!

  2. Comrade Nom Deplume says:

    Bummed about yesterday’s result at Fenway but across the pond, the season is off to a good start.

    http://msn.foxsports.com/foxsoccer/premierleague/matchtrax/Arsenal-vs-Aston%20Villa-20130817-2013081710021

    A very good start.

  3. Brian says:

    NJ foreclosure trend heading in wrong direction.

    STATE – The foreclosure trend is declining at the national level, but New Jersey is headed in the opposite direction, according to data released this week by RealtyTrac Inc.

    Nationwide, lenders repossessed 36,964 homes in July, down 31 percent from July 2012. However, 18 states saw an increase – New Jersey homes repossessed by banks were up 40 percent. Foreclosures in New Jersey were 89 percent higher last month than they were in July 2012.

    According to RealtyTrac, one out of every 864 homes in New Jersey received a foreclosure filing last month, putting the state 11th in the country. The picture is a bit worse in Union County, where one in 755 homes were affected, but Middlesex County (one in 1,162 homes) is faring better than the national rate (one in 1,001 homes)

    U.S. foreclosure activity has fallen 64 percent from its peak in March 2010, but remains 54 percent above the historical average prior to the 2006 housing market collapse.

    Read more: http://njtoday.net/2013/08/17/nj-foreclosure-trend-heading-in-wrong-direction/#ixzz2cPlRMESg

  4. grim says:

    3 – Headed in the right direction, not wrong. Repossessions need to double a few times over just to have a chance at working through the backlog.

  5. Brian says:

    I think most people welcome debate here. Personally, I listen to both sides of an argument…I really just want to get to the truth.

    The frequency with which you post and your tone, you seem to be yelling at people and upset that they won’t see things in the same worldview as yours. Because of this, I don’t think your message is recieved well.

    87.Michael says:
    August 18, 2013 at 10:36 pm
    Scrapple- I’m gone. Not posting anymore. Sick of being called a troll. You want someone to feed your ego, that’s not going to be me. You don’t want anyone that challenges you. You like an environment where one can’t think for himself, rather everyone just agree. Anyone who doesn’t agree with your philosophy, is automatically an idiot. I gave you guys scholarly evidence based on research. You still don’t even give it a chance. Here is one last shot at getting you guys to open your mind. You don’t have to read the entire book but please read the part about the following “myths”. Most of you attacking me believe every single one of these myths. You have stated them before as fact on this blog. Open your mind “hotshots”. Here is the link for this book written by a Yale professor.

  6. Brian says:

    4 – Yeah I agree, clear the market.

    Just thought it was interesting how some people interpret the data.

  7. Brian says:

    TAX REPORTUpdated August 17, 2013, 5:20 p.m. ET
    .Overseas Americans: Time to Say ‘Bye’ to Uncle Sam? Chased by the U.S. Government, Thousands Are Severing Ties With America. Here’s What You Need to Know.

    http://online.wsj.com/article/SB10001424127887323455104579014772169287210.html

  8. anon (the good one) says:

    @BloombergNews: U.S. markets back up Bernanke’s assertion of best inflation record since World War II | http://t.co/JUN89foh45

  9. Dan in debt says:

    Not knowing what went on with Michael over the weekend but if he leaves, big deal. You don’t bow at the altar of his supreme intelligence and he calls you a racist or idiot and when you point out he’s full of it, he makes up things and says you said them.

  10. grim says:

    The secret to JJ’s success? From MarketWatch:

    Have more sex, make more money

  11. Dan in debt says:

    For the soccer guys….Premier League viewership increasing.

    http://www.breitbart.com/Breitbart-Sports/2013/08/18/NBC-Record-Ratings

  12. chicagofinance says:

    Do you know why my handle is chicagofinance (and it has to do with geography, not interests)?….and your assertion is ridiculous…..

    Michael says:
    August 18, 2013 at 11:04 pm
    Comrade, like I said, I’m not posting anymore. It’s obvious you guys are obsessed with economic theories from the 1940s and 50s that have since been proven wrong. Just please read that book and give it a chance. It might help you. Milton Friedman (one time economic genius), prob your hero, has been proven wrong, over and over again. Get with the times.

  13. Brian says:

    RE: Michael….

    I am actually not completely against government involvement in economics. I do believe saftey nets have a role. However, Michael seemed to be advocating wealth transfer to people he continued to call “animals” because he feared they would riot and rob him or something if transfer payments were reformed or phased out. It’s not insensitive to suggest reform in this area. Most of us would like to see NJ’s cities prosper again but just sending money is not improving anything. It motivates people to be dependent and corrupt. How can anyone not see that taxing people who are still employed more and more is unsustainable? I would like to see local governments be business friendly, and reduce the tax burden. That’s how you bring jobs to an area. Not just throwing money at a problem.

  14. Brian says:

    Pain am I reading this right? Is this comment a review of Hayek’s Road to serfdom written by Keynes?

    Editorial Reviews
    Review
    “In my opinion it is a grand book. . . . Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.”

    (John Maynard Keynes)

    http://www.amazon.com/Road-Serfdom-Documents—Definitive-Collected/dp/0226320553/ref=sr_1_1?s=books&ie=UTF8&qid=1376916300&sr=1-1

  15. Painhrtz - Disobey! says:

    Jeez, Brian I didn’t see that nice catch. I guess it was before he went off the reservation.

  16. Ben says:

    You guys should read the essay by Keynes titled “Economic Possibilities for Our Grandchildren”

    http://www.aspeninstitute.org/sites/default/files/content/upload/Intro_Session1.pdf

    You’ll see how truly ignorant the moron was in economics.

  17. The Original NJ ExPat says:

    [2] Nom – You’re bummed? I’m bummed about Saturday’s result and I was in the stands. It could have been a Yankee sweep with some better play on Saturday. At least the tickets and food vouchers were free as my soon-to-be sixth grader won the “Read Your Way to Fenway” essay contest at our local Boston library for the 4th year in a row. Usually both our daughters win two tickets each, but this year they changed the package to 3 tickets and only one win per family (luckily our family’s favorite children’s librarian rustled up an extra ticket and gave it to my wife so the whole family could go)

    Believe it or not I wore a Pittsburgh Pirates baseball cap to the game, for two reasons.

    1. I’ve recently determined it’s my most comfortable baseball cap.
    2. It’s fun and easy to confuse Boston fans.

    After the game we were getting on the Green Line to get to our home 4 stops away and someone asked my wife (wearing a Yankees shirt and carrying a Yankees tote bag) if she was going home to NY tonight. She said, “No I live here”. Then he looks at my youngest daughter wearing NY gear and Yankees cheek tattoo, by oldest with her brand new White Boston cap and T-shirt (another part of her winnings, we need to get her deprogrammed soon) and finally me and my Pirates hat and says, “You’re a Pirates fan?”. I said, “Nope, not at all. But it is a comfortable cap.” He then stammered a little bit and really couldn’t put together another intelligible sentence. Mission accomplished.

    “Bummed about yesterday’s result at Fenway”

  18. Anon E. Moose says:

    Ben [18];

    From your link: We are suffering just now from a bad attack of economic pessimism.

    It’s Carter’s “malaise” ~50 years earlier.

  19. grim says:

    Speaking of Carter – I hear they want to reinstall the solar panels on the white house that Reagan took down.

  20. Comrade Nom Deplume says:

    [8] Brian,

    Thanks. Always nice to see my former professors quoted.

  21. Comrade Nom Deplume says:

    [20] expat,

    Deprogrammed? You mean brainwashed, don’t you?

  22. Brian says:

    Yeah now they must have more room since they made the whitehouse a “gun free zone” and removed the anti-aircraft guns on the roof.

    23.grim says:
    August 19, 2013 at 11:03 am
    Speaking of Carter – I hear they want to reinstall the solar panels on the white house that Reagan took down.

  23. The Original NJ ExPat says:

    Deprogrammed? You mean brainwashed, don’t you?

    tomato, tomahto

  24. The Original NJ ExPat says:

    Stocks vs. Economic Data: You Can Only Trust One of Them, Says Hindery

    http://finance.yahoo.com/blogs/breakout/stocks-vs-economic-data-only-trust-one-them-112639496.html

    Remind me, which is the one that isn’t manipulated?

  25. Brian says:

    New Jersey’s Boomerang Generation

    http://www.my9nj.com/story/23158585/new-jerseys-boomerang-generation

    Newark, New Jersey (My9NJ) – Is 27 the new 18 when it comes to living at your parents’ house?

    According to the US census Bureau, at least 1 in 4 N.J. adults, ages 18-31 live at home and 42% are 24 or older. Experts call it an “epidemic” of millennials leaching off their parents, but does a bad economy and student loan debt crisis justify the situation?

    A new survey from Coldwell Banker says parents in the Northeast region are more lenient on this than anywhere else in the US on children moving back home.

    But, according to the survey, more than two in three Americans believe that too many adults living at home with their parents are avoiding responsibility, and 65 percent believe too many young adults who move back home after college are overstaying their welcome.

    Dr. Susan Newman, a Jersey-based social psychologist and author of the book “Under One Roof”, she says it’s almost expected for kids in N.J. to move back into their suburban homes after college.

    But a Moody’s study shows that each new household that is created helps stimulate the economy, so children moving back home might actually hurt economic growth in the state

  26. anon (the good one) says:

    “Do you know why my handle is chicagofinance…”
    Because the only metric you use to define your worth as human being is the school you attended?

  27. grim says:

    Holy f*ck…

    http://www.nj.com/politics/index.ssf/2013/08/nj_lawmakers_discuss_pay_forward_pay_back_plan_to_revamp_college_tuition_system.html#incart_river_default

    A plan to allow New Jersey students to skip paying tuition if they agree to give the state a cut of their future salaries may not be the best solution to rising college costs, but it is worth talking about, Senate President Stephen Sweeney said today.

    Sweeney (D-Gloucester) and Assemblywoman Celeste Riley (D-Gloucester) held a press conference in Trenton this morning to discuss their “Pay Forward, Pay Back” plan. The pair plan to introduce legislation to create a task force to study the new tuition system, which would give students the option of going to public colleges tuition free if they agree to give back an undetermined percentage of their income for a number of years after they get a job.

  28. Painhrtz - Disobey! says:

    Grim I know some medical school will waive tuition fees if you agree to practice in that state for a specified time frame upon graduation. but garnishing wages for an education no matter what you make and ending up whole on the other side is f*cked.

    I expect it to be voted into law by the end of the year.

  29. Ragnar says:

    Grim 30. Great deal for students going into low paying work like ethnic studies or literature. Thus the deal generates adverse selection, and discouraging students from comparing educational costs versus future economic benefits.
    College education is a tool to facilitate future employment. This would encourage people to spend more on tools that are the least valuable.
    Typical government economic logic.

  30. Jason says:

    -30

    Another program that would act as a disincentive to restraining tuition costs.

  31. Ragnar says:

    Grim (19)
    Thanks for posting that. Interesting that the authors of this device focus entirely on outcomes. When you look at outcomes only, and throw out the BS stuff that NJ Magazine includes, you see that the differences between the “top schools” are pretty insignificant. Like in Somerset county, people are willing to pay 25% higher prices for homes to get into the Basking Ridge school system versus my town, where average outcomes are only 3% lower (and is basically explainable by the existence of small demographic differences, versus near-homogeneity in Ridge, where the only minorities are the ones that typically increase average scores).

    There are a few super-elite town schools which do even better -e.g. Milburn and Princeton, likely due to the composition of parents. I suppose the “average” class is equivalent to Honors/AP students in the upper/mid towns.

    On their scoring system, it seems like any school that has a score over 340 should be plenty adequate, with outcomes within 10% of “the best” schools.

    While not the case in Somerset county, I see that in some counties, it is the Vo-Tech schools that score higher than the rest. I don’t really understand the dynamics of the VoTech system – magnet schools for the smart kids in majority dumb towns?

    It looks like some of the worst performing schools have seen performance improve from hellish to terrible over the past 4 years.

  32. Dan in debt says:

    Taking a percentage of future earnings sounds like a dangerous slippery slope in my opinion. What about when the state proposes future housing as a & of your degreed earnings or meal plans just like college. And why not just raise future percentages on kids like they did with social security percentages from past generations to now. Why stop at college? “Make it public school too” some will say in the future. Sounds like a way to prepare society on a future kibbutz mentality of cafeterias, shared housing and bathrooms as well as education. I’m not against the study but I don’t know if they’ll catch the unintended consequences of such a policy.

  33. The Original NJ ExPat says:

    [30] from the article:

    “Emily Kerr, 20, said she enrolled at Burlington County College as a history major with plans to transfer to either Rutgers or Rowan universities. But she failed to qualify for federal financial aid and ran up loans to pay for her classes.

    “I had no other choice but to drop out of school,” said Kerr, of Maple Shade, noting she and her parents tried unsuccessfully to apply for grants.

    Kerr said she works as a receptionist and is looking for a second job to pay off her existing student loans.”

    Uhhh…If she were able to complete her history degree, would that secure her a better receptionist job?

  34. Dan in debt says:

    I also wonder how this proposal would affect grade inflation and/or what happens if you fail a class. If you stop showing up to class, who pays?

  35. grim says:

    There are a few super-elite town schools which do even better -e.g. Milburn and Princeton, likely due to the composition of parents.

    ding ding ding

    Crazy to think that parents would struggle to get into a top tier town, both taking on high-demand jobs to fund the cost of entry. Meanwhile, the kids would have been better off in a lower-ranked town with a higher level of parental involvement. Meanwhile, in that top tier town, they reason the rankings are higher, is that they’ve got a higher level of stay at home or “involved” parents.

  36. Painhrtz - Disobey! says:

    expat yes teacher. With summers off and lack of accountability. the fact that she had to take loans for community college is pretty ridiculous. If she went the full 64 credits for an associates degree including all fees her cost is $8032, about 2008 dollars a semester. if she took the 14 credit and above option it is 1757 or 7028 for 4 semesters. About 300 bucks a month, 125 bucks a week. Seriously she is griping about what is probably her car payment when broken down monthly. I was making more than that shilling fried chicken back in the late 80s early 90s. kids really are getting dumber and more entitled. Also, WTF her parents can’t afford 3500 bucks a year for her to go to community college.

  37. Waiting In Rent says:

    On to a housing note.

    Anybody have experience or knowledge of doing a modular addition to a house?
    How about installation of a geothermal heating/cooling system?

    Any information including contracts, websites is much appreciated.

    It looks like we are finally moving towards closing and I’m thinking about an addition, but like everybody else, would love to save some money.

    Also looking to put in central AC, (currently has steam heat only, window A/C), so I figure the differential to install geothermal might be worth it.

    Thanks.

  38. Comrade Nom Deplume says:

    Well, if we go anon/Michael socia1ist, Cruz can easily renounce . . .

    http://politicalticker.blogs.cnn.com/2013/08/19/ted-cruz-releases-birth-certificate/?hpt=hp_t3

  39. Painhrtz - Disobey! says:

    wainting you’ll still have to run vent work for geothermal cooling it will work with existing heat. A cheaper alternative may be high velocity HVAc which uses smaller diameter hoses and outlets rahter than traditional duct work. The wife and I were going to do geothermal but with all the natural gas discoveries going on decided to stay put. If you have oil and have to convert to gas it may be better froma a cost perspective, but for us it made no sense.

    As far as modular additions go no clue.

  40. The Original NJ ExPat says:

    I just thought of an often used statement from the past that has disappeared from the modern lexicon:

    “We’re hoping he/she gets into college.”

  41. The Original NJ ExPat says:

    …and doesn’t it seem like every 18-28 year old non-college graduate that is involved in a crime, as either perp or victim, is invariably referred to as a “college student at…”

  42. grim says:

    Geothermal? A very large chunk of the overall cost is the installation of the ground loops, if you are looking at the cost of equipment alone, you’ll be way off.

    I know someone who did a system out in PA, I think he told me the soup-t0-nuts cost was about $25k, and that didn’t include the landscaping costs (maybe another 5-7k).

    I know he originally intended to go vertical ground loop, and I believe they ran into drilling issues and had to go horizontal ground loop, which necessitated digging up huge portions of his property. You might want to think about that if you’ve got nice mature landscaping, pavers, septic system, or a pool.

    The cost of nat gas is the key factor here, for him it made sense to convert since his other option was oil, and he wanted away from that big time.

  43. grim says:

    Regarding the drilling issues. I believe he said the driller had hit the water table significantly higher than they had anticipated, and that they had tried a number of alternate locations on the property to try to see if it was just some anomaly. I think from a legal standpoint, you can’t sink a closed loop geothermal system into or near the water table, in case it fails and leaks. Instead of redesigning for more bore shafts, the designed opted to go horizontal. I think he said most of his front and side yard were excavated for the loops.

  44. Bebo was right. Don’t need no stinkin’ education.

  45. You can sink a tank of antifreeze in your yard and put the loop into it.

    Way cool. I’ve seen 2-3 of these.

  46. Painhrtz - Disobey! says:

    Scrap I thought that was how the French sweetened their wines?

  47. Hughesrep says:

    Clot

    I was in today and picked up some 120. Didn’t see you around. Thanks.

    40

    Unless you have a ranch with a basement, the cost of opening walls and installing ductwork makes a Unico type AC system the way to go.

    For geothermal loops a NJ guy has developed a new type of loop system for vertical loops. Saves some boring if it works.

    http://www.agreenability.com/

  48. Ben says:

    Gotta love the Dems. Bankruptcy is not an option in student loans, making tuition rates skyrocket. Then, they try to artificially suppress interest rates, which also makes tuition rise. Their final solution, lets garnish your wage. Had they left everything alone, tuition would probably be 30% of what it is today.

  49. joyce says:

    Ben
    It’s both it’s both it’s both

  50. Essex says:

    48. Teachers leave them kids alone.

  51. Comrade Nom Deplume says:

    My younger daughter will be attending a new school this year. I just received an email from her new teacher.

    The subject line for the email reads “helloe”.

    Apparently she is related to Dan Quayle. You just cannot make this stuff up.

  52. Comrade Nom Deplume says:

    Christie should invite this guy to Jersey

    http://valleywag.gawker.com/startup-stud-hates-homeless-people-ugly-girls-and-pub-1150802451?utm_campaign=socialflow_gawker_twitter&utm_source=gawker_twitter&utm_medium=socialflow

    I also seriously do not get SF. I can see how it might be all interesting and stuff if you are from Dubuque. But if you are from the Northeast, you don’t find it to be very different. In fact, my impression of San Francisco was “meh.”

  53. Anon E. Moose says:

    Jets, Giants, raw, unadulterated laissez faire economics… This picture has everything!

    JJ, WHERE ARE YOU?!?

    http://www.flickr.com/photos/98202924@N04/9552568250/

  54. plume (55)-

    Helloe; may I interest you in some Olde English malt liquor?

    You really can’t make this shit up.

  55. You say potatoe, I say potatow…let’s call the whole thing off (and smoke a blunt).

  56. chicagofinance says:

    SF is NYC from the 1970’s when it was on the brink of oblivion, with better weather and world class wine 45 minutes away.

    Comrade Nom Deplume says:
    August 19, 2013 at 10:47 pm
    I also seriously do not get SF. I can see how it might be all interesting and stuff if you are from Dubuque. But if you are from the Northeast, you don’t find it to be very different. In fact, my impression of San Francisco was “meh.”

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