A peek at South Jersey real estate

From the Press of Atlantic City:

Home sales on rise, but prices falling across South Jersey

Across a diverse South Jersey real estate market, some noticeable trends emerged in 2013, according to an analysis by The Press of Atlantic City of data compiled by the New Jersey Association of Realtors:
n Mainland Atlantic County towns experienced a spike in home sales last year, about a 16 percent increase from 2012, while sales in coastal municipalities dropped 11 percent. This includes single-family homes, condos and age-restricted communities.

A similar scene played out in Cape May County, where sales volume dropped 8 percent in seashore towns but fell only 4 percent inland.

In southern Ocean County, sales in Stafford and Little Egg Harbor townships rose a combined 48 percent. On Long Beach Island, however, overall sales dropped a combined 15 percent.

Meanwhile, median sales prices for single-family homes fell in Cape May, Cumberland and Ocean counties and were flat in Atlantic County. This counters the statewide trend, which saw the median home sell for $10,050 more than the year before.

A number of factors — increased sales of distressed properties, Hurricane Sandy-related issues, an improved national economy and a still floundering local one — played a role in real estate in 2013 and may shape the market this year.

Taken as a whole, the region trailed New Jersey and the U.S. in terms of home-sales growth and prices.

Some markets in Atlantic, Cape May and Cumberland counties showed more sales or higher prices than others.

Anthony D’Alicandro, owner of Coldwell Banker Casa Bella Realtors in Linwood, said 2013 showed a significant difference between coastal and mainland properties.

The aftermath from Sandy and uncertainty over flood elevation requirements seemed to slow coastal markets early in the year, he said.

“The coastal towns were in momentum. They were through the roof in 2012, from leading up to the fourth quarter of 2011 through 2012. Sandy obviously had a huge impact on that momentum and literally brought it to a stop. Not because we had total loss and destruction, but it was mainly having the comfort level with buyers,” D’Alicandro said.
Ocean City, for example, saw sales fall about 10 percent, Realtor data show.

Sales were up 12 percent in Cumberland County overall, 10 percent in Vineland, 6 percent in Millville and 21 percent in Bridgeton, Realtor data show.

The median single-family home in Atlantic County sold for $210,000 in 2013, the same as the prior year, Realtor data show. In Cape May County, the median home sold for $292,750, about a 3 percent dip.

In Cumberland County, the median price dropped about 4 percent — to $135,725. Ocean County’s median home price dropped about 5 percent, to $254,900.

All these figures trail the national and state averages.

In some respects, South Jersey real estate has to deal with a regional economy still struggling to add jobs lost during the recession and its aftermath.

This entry was posted in Economics, Housing Recovery, New Jersey Real Estate. Bookmark the permalink.

32 Responses to A peek at South Jersey real estate

  1. Essex says:

    Phirst.

  2. Essex says:

    Ahhh yes. New Jersey. Poor overtaxed poster child for income inequality. Let’s watch New York burn from it’s pillowy bluffs. Let’s gather our rosebuds and move to the south.

  3. Grim says:

    Income inequality is generally high in the southern cities.

  4. Grim says:

    NY metro and northern NJ rank among the best for upward mobility, US southeast among the worst.

  5. Grim says:

    Top 10 cities for upward mobility

    Rank Odds of Reaching top fifth
    starting from bottom fifth
    San Jose, Calif. 12.9%
    San Francisco, Calif. 12.2%
    Washington, D.C. 11.0%
    Seattle, Wash. 10.9%
    Salt Lake City, Utah 10.8%
    New York, N.Y. 10.5%
    Boston, Mass. 10.5%
    San Diego, Calif. 10.4%
    Newark, N.J. 10.2%
    Manchester, N.H. 10.0 %

  6. Grim says:

    Have fun in the South, I like the odds up here.

  7. Comrade Nom Deplume on a new device says:

    [6] grim,

    There seems to be a pretty clear correlation between upper mobility and the concentration of industries in a particular area, and, more importantly, the types of industries. All of those areas also have pretty strong higher education components. So the suggestion that up with mobility is helped or hindered by the political leanings of the population in that area seems to be a specious one.

  8. Comrade Nom Deplume on a new device says:

    Upper s/b upward. Damn voice software.

  9. nwnj says:

    Hey anon, AKA twitter chimp, any reason why you didn’t report this shooting?

    http://www.freep.com/article/20140201/NEWS06/302010029/2-students-shot-near-Michigan-State-campus-police-say

  10. Essex says:

    7. Hahaha it’s just a poem…but yeah I would consider RTC in NC.
    I cannot say that I have my bags packed yet, but one thing is for sure…..it won’t be long now. I can feel it. I wouldn’t write the south off yet. Sure, it’s a tough place to make a living, but it aint no picnic up north either.

  11. Ccb223 says:

    Interesting article, would love to see more on south jersey on this site grim.
    I just bought a second home in stafford township (right across the bay from LBI in beach haven west). 2nd home for us, mainly for summer and considering renting it a bit. Think there are a lot of opportunities here post sandy. People got spooked because of this 1 in a hundred year storm. My house is waterfront and was raised on pilings, sustained minimal damage from sandy. The guy had been trying to sell it for years and had it listed as high as 1.2,which was probably high but not crazy for a house on the bay in the condition this house was in. Got it in the low 700s this fall, Sandy really hurt him and coincidentally helped me.
    One broad observation I will make, sandy washed out a lot of old houses and people who didn’t have the money or patience to repair sold and lots of new construction going up everywhere. In another year or two, there will be a ton of brand new houses, all being built high, where crapy old bungalows once stood. The entire neighborhood is getting a face lift. Which will bode well for everyone here.
    I am not selling for a long long time, hope to keep this house forever, but still wouldn’t mind if my house ended up appreciating another 30-40%. Come on in to beach haven west boys, water is warm. You gotta buy when others are spooked…only way to get a good deal. Plus now they are overturning Bridget-waters act, too many people complained. So you don’t have to worry about flood insurance, all the suckers inland will continue to subsidize waterfront property, the way they always have.

  12. Ccb223 says:

    *Biggert

  13. “Introduction to Objectivist Epistemology” says:

    that’s how the GOP likes it

    Grim says:
    February 2, 2014 at 7:58 am
    Income inequality is generally high in the southern cities.

    Grim says:
    February 2, 2014 at 8:16 am
    NY metro and northern NJ rank among the best for upward mobility, US southeast among the worst.

  14. anon (the good one) (skipping the SB to read “Introduction to Objectivist Epistemology”) says:

    @stiglitzian: Joseph Stiglitz: The Threat of Growing Inequalities http://t.co/CusEvV6SZS #video #lecture

  15. Happy Renter says:

    [4], [7]] “NY metro and northern NJ rank among the best for upward mobility, US southeast among the worst. . . . Have fun in the South, I like the odds up here.”

    Taking 50K – 100K each year from every wealthy family and sending it to the no-talent “family” that runs NJ government and the black holes of Newark, Trenton, Camden, etc. is one way to increase upward mobility, I suppose.

    I’d say for those of us who are already doing quite well and don’t want to pay for someone else’s “mobility” — the odds are better elsewhere.

  16. anon (the good one) (skipping the SB to read “Introduction to Objectivist Epistemology”) says:

    why haven’t you left then?

    “I’d say for those of us who are already doing quite well and don’t want to pay for someone else’s “mobility” — the odds are better elsewhere.”

  17. Happy Renter says:

    [17] “why haven’t you left then?”

    Only a matter of time, my libtard friend.

  18. Essex says:

    Yeah well that’s like your opinion man.

  19. Happy Renter says:

    Abe Vigoda > Philip Seymour Hoffman

  20. anon (the good one) (skipping the SB to read “Introduction to Objectivist Epistemology”) says:

    I saw him a couple of yrs ago on Broadway. Astonishing performance. RIP

    @SteveMartinToGo: Shocked to hear of Phillip Seymour Hoffman’s death. If you missed him as Willy Loman, you missed a Willy Loman for all time.

  21. Juice Box says:

    It is going to be even more of a sh*it show when they leave the game tonight.

    “NJ Transit gets a big fail. People literally passing out and needing medical attention in the mass of people waiting in line. Insane”

    http://www.nj.com/super-bowl/index.ssf/2014/02/super_bowl_train_passengers_furious_with_packed_rail_cars_delays.html#incart_maj-story-1

  22. Ben says:

    “NJ Transit gets a big fail. People literally passing out and needing medical attention in the mass of people waiting in line. Insane”

    Lol, passing out? It’s the perfect temperature and humidity outside. It’s not NJ Transits fault that these people got blitzed in the city at noon. It’s obviously amateur hour out there. I bet there are 17 year olds from Jersey that can handle themselves better on the transit line on St. Patty’s Day.

  23. Happy Renter says:

    “Angry Super Bowl train passengers curse NJ over delays, overcrowding”

    LOL

    Delays? Overcrowding? Welcome to NJ! But hey, we got “upward mobility” right?

    Last time I returned to Newark airport from Denver it felt like I had gone from the First World to at least the Second World.

  24. Essex says:

    OMGHERD.

  25. chicagofinance says:

    Fuk these people……deal with it you pansies…..

    Juice Box says:
    February 2, 2014 at 4:12 pm
    It is going to be even more of a sh*it show when they leave the game tonight.

    “NJ Transit gets a big fail. People literally passing out and needing medical attention in the mass of people waiting in line. Insane”

  26. chicagofinance says:

    He is part of the 1%…….you must hope that they pillage his estate and dump the proceeds on Newark…..at least the heroin can go for a good cause….

    anon (the good one) (skipping the SB to read “Introduction to Objectivist Epistemology”) says:
    February 2, 2014 at 3:56 pm
    I saw him a couple of yrs ago on Broadway. Astonishing performance. RIP

    @SteveMartinToGo: Shocked to hear of Phillip Seymour Hoffman’s death. If you missed him as Willy Loman, you missed a Willy Loman for all time.

  27. Ragnar says:

    Who would start taking heroin? Suicidal people?

  28. Painhrtz - Disobey! says:

    Rag always said if I got a terminal cancer diagnosis I was going to hit every illicit addictive drug I didn’t test in college. Apparently he was an addict in younger years and relapsed last year.

    Man this is like a late eighties to mid nineties super bowl.

  29. Happy Renter says:

    I’m having flashbacks to Bear v. Patriots . . .

  30. Happy Renter says:

    *Bears

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