Real Estate Market Report – September 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of September 2020. Included is new listings, sold properties, and total active listings at the beginning of October 2020.

Cape May + West Cape May + Cape May Point Areas

 

48 Total Active Listings as of August 31st (+8 vs last month)

Median Price of $1,150,000

Median Days on market = 40 Days

 

23 New Listings (+1 vs last month)

Median Price of $1,099,000

 

19 Sold Houses (-11 vs last month)

Median Price of $775,000

 

Lower Township Area

 

97 Active Listings as of August 31st (+3 vs last month)

Median Price of $327,500

Median Days on Market = 39

 

49 New Listings (-8 vs last month)

Median Price of $375,000

 

79 Sold Houses (+12 vs last month)

Avg Price of $274,900

 

Middle Township Area

 

105 Total Active Listings as of August 31st (-2 vs last month)

Median Price of $289,950

Median Days on Market = 69 Days

 

34 new Listings (-17 vs last month)

Median Price of $282,000

 

44 Sold Houses (-6 vs last month)

Median Price of $262,500

 

The Wildwoods & Diamond Beach Areas

 

39 Total Active Listings as of October 7th (-5 vs. last month)

Median Price of $549,900

Median Days on Market = 41 Days

 

15 New Listings (+11 vs last month)

Median Price of $599,000

 

18 Sold Houses (-11 vs last month)

Median Price of $470,000

 

Upper Township, Dennis Township & Woodbine Areas

 

68 Total Active Listings as of October 7th (-1 vs last month)

Median Price of $284,700

Median Days on Market = 44 Days

 

37 New Listings (+10 vs last month)

Median Price of $260,000

 

22 Sold Houses (+4 vs last month)

Median Price of $301,250

 

Avalon & Stone Harbor Areas

 

79 Total Active Listings as of October 7th

Median Price of $3,295,000

Median Days on Market = 75 Days

 

28 New Listings

Median Price of $2,922,500

 

51 Sold Houses

Median Price of $2,400,000

 

Sea Isle City & Strathmere Areas

 

7 Total Active Listings as of October 7th

Median Price of $1,395,000

Median Days on Market = 51 Days

 

2 New Listings

Median Price of $1,412,500

 

3 Sold Houses

Median Price of $650,000

 

Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-estate/selling-your-property

This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

 

Real Estate Market Report – August 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of August 2020. Included is new listings, sold properties, and total active listings at the end of the month.

Cape May + West Cape May + Cape May Point

40 Total Active Listings as of August 31st (Same vs last month)

Median Price of $971,450

Median Days on market = 49 Days

 

22 New Listings (-7 vs last month)

Median Price of $737,000

 

30 Sold Houses (+15 vs last month)

Median Price of $797,750

 

 

Lower Township Area

94 Active Listings as of August 31st (-3 vs last month)

Median Price of $299,900

Median Days on Market = 31

 

57 New Listings (+5 vs last month)

Median Price of $349,000

 

67 Sold Houses (-2 vs last month)

Avg Price of $253,000

 

 

Middle Township Area

105 Total Active Listings as of August 31st (-2 vs last month)

Median Price of $289,950

Median Days on Market = 69 Days

 

51 new Listings (+14vs last month)

Median Price of $259,900

 

50 Sold Houses (+10 vs last month)

Avg Price of $201,250

 

Wildwoods

44 Total Active Listings as of August 31st (same vs. last month)

Median Price of $524,900

Median Days on Market = 87 Days

 

93 New Listings (+8 vs last month)

Median Price of $339,000

 

126 Sold Houses (-4 vs last month)

Median Price of $327,750

 

Upper & Dennis & Woodbine Areas

69 Total Active Listings as of August 31st(-2 vs last month)

Median Price of $299,000

Median Days on Market = 119 Days

 

27 New Listings (+4 vs last month)

Median Price of $199,800

 

18 Sold Houses (-12 vs last month)

Median Price of $179,000

 

Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-estate/selling-your-property

 

This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

Real Estate Market Report – July 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of July 2020. Included is new listings, sold properties, and total active listings at the end of the month.

 

Cape May + West Cape May + Cape May Point

40 Total Active Listings as of August 1st (-57 vs last month)

Median Price of $879,000

Median Days on market = 42 Days

 

29 New Listings (+9 vs last month)

Median Price of $750,000

 

15 Sold Houses (-7 vs last month)

Median Price of $585,000

 

Lower Township Area

97 Active Listings as of August 1st (-86 vs last month)

Median Price of $272,600

Median Days on Market = 46

 

52 New Listings (+5 vs last month)

Median Price of $295,000

 

69 Sold Houses (+9 vs last month)

Avg Price of $240,000

 

Middle Township Area

107 Total Active Listings as of August 1st (-146 vs last month)

Median Price of $294,500

Median Days on Market = 71 Days

 

37 new Listings (-23 vs last month)

Median Price of $244,900

 

40 Sold Houses (+6 vs last month)

Avg Price of $247,450

 

Wildwoods

44 Total Active Listings as of August 1st (-293 vs last month)

Median Price of $498,388

Median Days on Market = 66 Days

 

101 New Listings (+30 vs last month)

Median Price of $379,900

 

130 Sold Houses (+40 vs last month)

Median Price of $273,050

 

Upper & Dennis & Woodbine Areas

71 Total Active Listings as of August 1st(-87 vs last month)

Median Price of $279,900

Median Days on Market = 114 Days

 

23 New Listings (+3 vs last month)

Median Price of $260,000

 

30 Sold Houses (+3 vs last month)

Median Price of $176,250

 

Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-estate/selling-your-property

 

This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

Escape to the Cape | North Cape May Market Report – Wayne Piersanti

Recently I wrote about the flight from the major cities that has resulted in suburban and rural areas experiencing a significant amount of traffic from potential home buyers. As a consequence prices have gone up significantly in our little town with an average listing price of over $1,700,000 for currently available residential properties in Cape May City, over $1,000,000 in Cape May Point, and approaching $950,000 in West Cape May. That might be a little too pricey for someone looking for a spot to land, but have no fear. Just north of the Cape May Canal, there’s still a spot for the average Joe.

 

Situated at the Southern tip of the Jersey Cape, Lower Township shares a shoreline with the Atlantic Ocean and the Delaware Bay. These areas were first settled by whalers from New England and Long Island sometime around 1635. Whales at that time were so close to shore that you could actually row right up to them. They did not know enough about “whalers” to keep their distance. (Interestly enough, one of the first homes I sold as a professional Realtor had a deed restriction that prohibited the use of “whale rendering” on site. Fortunately my buyer was not interested in commercial use. Lower Township is now the largest municipality in the county with a population of about 23,000.  Down by the Ferry Terminal is a section of Lower Township called North Cape May.

 

As of July 13, 2020, there are 26 active listings in North Cape May ranging in price from a $157,900 fixer-upper to a 4 bedroom, 3 ½ bath home situated on a 1.96 acre lot being offered at a pre-construction price of $699,000 and located at 6 Harvest Court.  New construction is also being offered at 1 and 2 Leonard Drive off of Breakwater Road, with two listings priced at $379,490 and $359,990 respectively. Both feature an expansive lot size and various smart home features. A short walk from the Bay you can purchase a 2 bedroom, one bath rancher for $239,000. You can also get a 4 bedroom Cape Cod style home near TownBank Road for $309,900 reduced from $324,900 after 146 days on the market. The average listing price in North Cape May right now is $324,045

 

North Cape May features many nearby restaurants like 5 West Pub, Harpoons on the Bay and the Red Brick Ale house. Many feature live entertainment and the summer concerts at the Ferry are simply outstanding. And the sunsets are free! With all the money you save buying “Off the Island” you’ll have a lot of bread left over to pay the Uber driver for the short ride to the beautiful City of Cape May!

 

This is Wayne Piersanti, Broker-Salesperson for Coastline Realty, keeping it real. For information on any of these listings, I can be reached at (609) 540-3374 or waynepiersanti@gmail.com.

Also, we can assist you in finding a just the right buyer for your Home.

Coastline Realty is Cape Island’s top producing, full service real estate agency, consistently representing the most buyers & sellers in the Cape May area.

(Information was compiled from the Cape May Multiple Listing Service and deemed reliable but not guaranteed.)

 

Accidental Millionaires | July Market Update – Wayne Piersanti

I had a casual conversation with my neighbor recently. He bought a second home in the Tranquility section of Lower Township a couple of years ago, and with retirement looming, he just listed his primary residence in Connecticut.  Most of the people looking to buy his home were from the NYC area – a one hour commute by train. A June 18th CNBC report suggests this might be the “new norm”

The article’s key points are: As the real estate market began to recover in May, home searches in suburban zip codes jumped 13%. That doubled the pace of growth in urban areas. More than half of the nation’s 100 largest metropolitan areas are seeing increased interest in the suburbs.  “Millennials once piled into the cities….. apparently they are now piling out. The stay-at-home orders brought on by coronavirus have more potential home buyers looking for properties in the suburbs. The flight to the suburbs is real and growing, as coronavirus changes the way people live”. Contracts on Manhattan apartments plunged 80% annually in May.

“Javier Vivas, realtor.com Director of Economic Research echoes this data. “This migration to the suburbs is not a new trend, but it has become more pronounced this spring…After several months of shelter-in-place orders, the desire to have more space and the potential for more people to work remotely are likely two of the factors contributing to the popularity of the burbs.”  Stewart Miller, Chairman and former CEO of Lennar homes adds “There’s no question that there are people who are fleeing the cities. There’s no question that the second home has been a place of refuge. There’s no question people are rethinking whether they want to be in high rise rentals with common spaces as amenities vs. having a home of their own with a backyard.”  New Yorkers aren’t the only big city dwellers who have been decamping for suburbs, smaller cities and rural areas. It began with the affordability crisis in cities such as San Francisco, New York and Los Angeles and has only picked up momentum during the pandemic, according to Glenn Kelman, CEO of the national online brokerage Redfin.  The effects of COVID-19 have made many people “wary of living in close quarters,” he says. On top of that, the freedom to work from home means “a huge percentage of people are now looking further afield.”

What better way to work from home than from southern Cape May County? But it seems that the cat is out of the hat. Trying to buy that dream home down the Shore has gotten a little bit more daunting. As of this writing, there are only 37 active residential listings on the entire Cape Island. 12 of these listings are in Cape May City, ranging in prices from $529,900 for the Octagon House at 1386 Lafayette Street to $3,000,000 for an expansive circa 1800 Queen Anne Victorian licensed for 8 guest rooms. Only 2 of the 12 listings are under $900,000.  The average listing price of the current listings in Cape May City is $1,779,790.  13 of the listings are in Cape May Point with an average listing price of $1,016,923. There are 12 active listings in West Cape  May.  Only 5 are priced lower than $759,900.  10 e. Mechanic Street comes in at  $610,000 on a 100 x 76’ lot. The average listing price there is $942,299.  We bought our duplex in Cape May City in  1986 because we loved the town.  It seems that those who bought back “in the day” have become “accidental  millionaires.”

 

There are 15 condominiums available in Cape May City. 3 are at the Marquis de Lafayette, starting at $119,900.  The Marquis de Lafayette has a usage policy requiring owners to rent their rooms as hotel rooms. Other condos in town are priced from $329,900 to $1,150,000.

The upshot of all this, is If you’ve been sitting on the fence, there has never been a better time to list your Cape Island home. We need Listings! Our full time team of knowledgeable and experienced agents is ready to take your calls.  Who knows? In  35 years, you just might be the next “accidental billionaire!”

(P.S. Nevertheless, all is not lost.  A savvy buyer can still find  primary or secondary housing at a third of the price of buying on the island. More information is a phone call away).

This is Wayne Piersanti, Broker-Salesperson for Coastline Realty, keeping it real. For information on any of these listings, I can be reached at (609) 540-3374 or waynepiersanti@gmail.com.

Also, we can assist you in finding a just the right buyer for your home. Coastline Realty is Cape Island’s top producing, fill service real estate agency, consistently representing the most buyers & sellers in the Cape May Area.

(Information was compiled from the Cape May Multiple Listing Service and deemed reliable but not guaranteed.)

Real Estate Market Report – June 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of June 2020. Included is new listings, sold properties, and total active listings at the end of the month.

 

The Market on FIRE!!!! Currently for sale property supply is extremely low with very high demand! Now’s the perfect time if you were considering selling your property to give your favorite Coastline agent or our office a call for a CMA to see how much your property is worth!

 

Cape May + West Cape May + Cape May Point

 

97 Total Active Listings as of July 1st    (-25 vs last month)

Avg Price of $1,055,685

Median Days on market = 155 Days

 

20 New Listings (-2 vs last month)

Avg Price of $1,129,590

 

22 Sold Houses (+7 vs last month)

Avg Price of $799,100

 

 

Lower Township Area

 

183 Active Listings as of July 1st (-33 vs last month)

Avg Price of $379,886

Median Days on Market = 116 Days

 

47 New Listings (+12 vs last month)

Average Price of $382,597

 

60 Sold Houses (+19vs last month)

Avg Price of $314,734

 

 

Middle Township Area

 

253 Total Active Listings as of July 1st (same as last month)

Avg Price of $324,877

Median Days on Market = 141 Days

 

60 new Listings (+17 vs last month)

Avg Price of $314,138

 

34 Sold Houses (+7 vs last month)

Avg Price of $257,420

 

Wildwoods

337 Total Active Listings as of July 1st (-106 vs last month)

Avg Price of $578,545

Median Days on Market = 137 Days

 

71 New Listings (-1 vs last month)

Avg Price of $486,820

 

90 Sold Houses (+32 vs last month)

Avg Price of $410,130

 

Upper & Dennis & Woodbine Areas

 

158 Total Active Listings (-16 vs last month)

Avg Price of $261,865

Median Days on Market = 122 Days

 

20 New Listings (-10 vs last month)

Avg Price of $247,804

 

27 Sold Houses (+8 vs last month)

Avg Price of $173,418

 

Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-estate/selling-your-property

 

This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

 

Real Estate Market Report – May 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of May 2020. Included is new listings, sold properties, and total active listings at the end of the month.

 

Cape May + West Cape May + Cape May Point

 

122 Total Active Listings as of June 1st

Avg Price of $1,001,757

Median Days on market = 145 Days

 

22 New Listings (+15 vs last month)

Avg Price of $917,309

 

15 Sold Houses (-2 vs last month)

Avg Price of $1,254,725

 

 

Lower Township Area

 

215 Active Listings

Avg Price of $356,365

Median Days on Market = 121 Days

 

35 New Listings (+10 vs last month)

Average Price of $337,796

 

41 Sold Houses (-16 vs last month)

Avg Price of $299,060

 

 

Middle Township Area

 

253 Total Active Listings

Avg Price of $316,718

Median Days on Market = 151 Days

 

43 new Listings (+18 vs last month)

Avg Price of $283,365

 

27 Sold Houses (-15 vs last month)

Avg Price of $246,466

 

Wildwoods

443 Total Active Listings

Avg Price of $539,902

Median Days on Market = 125 Days

 

72 New Listings (+23 vs last month)

Avg Price of $510,717

 

58 Sold Houses (-34 vs last month)

Avg Price of $431,803

 

Upper & Dennis & Woodbine Areas

 

174 Total Active Listings

Avg Price of $268,912

Median Days on Market = 109 Days

 

30 New Listings (+8 vs last month)

Avg Price of $204,499

 

19 Sold Houses (-2 vs last month)

Avg Price of $241,442

 

Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-estate/selling-your-property
 
This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

Real Estate Market Report – April 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of April 2020. Included is new listings, sold properties, and total active listings at the end of the month.
 
Cape May Area
7 New Listings (-11 vs last month)
Average Price = $971,678
 
13 Sold Properties (-2 vs. last month)
Average Price = $785,400
 
81 Active Listings as of 4/30
Average Price = $1,074,075
Median days on market = 113 Days
 
Lower Township Area
32 New Listings (-32 vs. last month)
Average Price = $301,206
 
57 Sold Properties (-8 vs. last month)
Average Price = $276,039
 
225 Active Listings as of 4/30
Average Price = $310,103
Median days on market = 62 Days
 
Middle Township Area
25 New Listings (-5 vs. last month)
Average Price = $258,819
 
42 Sold Properties (+20 vs. last month)
Average Price = $239,089
 
191 Active Listings of as 4/30
Average Price = $299,427
Median days on market = 110 Days
 
The Wildwoods
49 New Listings (-27 vs. last month)
Average Price of $329,891
 
92 Sold Properties (-1 vs. last month)
Average price of $432,655
 
119 Active Listings
Average price of $581,230
Median days on market = 93 Days
 
Upper Township, Dennis, & Woodbine
22 New Listings (-9 vs. last month)
Average Price = $248,231
 
21 Sold Properties (-1 vs. last month)
Average Price = $256,528
 
119 Active Listings
Average Price = $272,264
Median days on market = 99 Days
 
Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-estate/selling-your-property
 
This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

Real Estate Market Report – March 2020 – Cape May County

Market Report! Here’s a quick rundown of most of Cape May County for the month of March 2020. Included is new listings, sold properties, and total active listings at the end of the month.

Cape May Area
18 New Listings
Average Price = $748,477

15 Sold Properties
Average Price = $781,333

129 Active Listings as of 4/1
Average Price = $1,071,572
Median days on market = 139 Days

Lower Township Area
65 New Listings
Average Price = $348,035

49 Sold Properties
Average Price = $344,979

243 Active Listings as of 4/1
Average Price = $346,053
Median days on market = 180 Days

Middle Township Area
30 New Listings
Average Price = $317,180

22 Sold Properties
Average Price = $199,298

280 Active Listings of as 4/1
Average Price = $310,002
Median days on market = 140 Days

The Wildwoods
76 New Listings
Average Price of $401,479

93 Sold Properties
Average price of $328,643

492 Active Listings
Average price of $557,452
Median days on market = 121 Days

Upper Township, Dennis, & Woodbine
31 New Listings
Average Price = $221,454

22 Sold Properties
Average Price = $254,836

187 Active Listings
Average Price = $266,029
Median days on market = 120 Days

Are you looking to sell your property. Or are you curious about what it’s market value is? Give us a call at 609-884-5005 or inquire on our website. https://www.coastlinerealty.com/real-…/selling-your-property

This info deemed reliable but not guaranteed. Information compiled from the Cape May County Multiple Listing Service.

Saint Joseph’s Home Selling Kit – Part 2

Sales of the Saint Joseph Home Sellers Kits have been brisk of late. One mid-West hardware store reports last year’s sales up over 50% to over 120,000 units. A Modesto California mortgage broker and statue distributor reports a 100% annual increase in sales for three consecutive years. His best customers are Realtors and Real Estate Auctioneers.

For those who shop locally, a short ride takes you to Lamb’s Book Store in North Wildwood. I asked proprietor Joseph Olwell if sales of the home seller’s kit have picked up since the real estate market tanked. He said sales have been “steady” but about 20 years or so ago, at the height of the last bear market in the Wildwoods, sales doubled after an article appeared in the local press about the use of the kit. Mr. Olwell, who has a business degree from Villanova, stocks two versions of the kit: the 3 1/2 inch basic, plastic “Chevy” and the taller full-color “Cadillac.” Apparently, General Motors has a commanding market share in religious statues. My editor is selling her house. For $4.40 I bought her a “Chevy.” As far as Saint Joseph is concerned, size does not matter. One should not buy a bigger statue for a larger home, or a smaller one for a one-bedroom condo. Beware of ads that promise better results using a bigger statue.

Saint Joseph is not the only incorporeal intermediary when it comes to asking a favor from above. Saint Anthony and Saint Jude are often asked to intercede on the behalf of people who might need a little heavenly juice. Saint Anthony of Padua is the patron saint of lost things.  In grade school it was not uncommon to pray to Saint Anthony to help find missing homework assignments. Not more than ten minutes after I typed this sentence I found a missing key belonging to one of my rental units. Saint Anthony statues have also been buried upside down in front of homes for sale. Is it possible a homeowner locked himself out? A Saint Anthony statue was recently found decapitated in the town of San Antonio, Texas. Irrational behavior is to be expected in bad times and Saint Anthony is not the only one who has lost his head in a down market. On the same page was an article about a teenager who set himself on fire while using gasoline on his head lice. Unless he was a Buddhist, I do not think this is real estate related.

Saint Jude is the patron saint of lose causes.  I might ask him to intercede in behalf of my retirement portfolio. Since October 2008, it might not be unreasonable to suggest a tandem of Saint Joseph and Saint Jude be enlisted in the sale of homes and in picking stocks. San Antonio could have used Saint Jude in 1836.

One of the hardest hit areas in the recent real estate slump has been Las Vegas. My “partner-cousin” Tom was there in the winter checking out the housing market.  He saw thousands and thousands of unsold condos listed for a fraction of their original prices.  70% discounts were not uncommon. The Arizona and Florida real estate market have also suffered incredible losses, with values down over 30%. One can picture future archeologists unearthing thousands of Saint Joseph statues from lawns and flower pots all over a landscape of unsold rubble, asking “What were these people thinking?”

Of course nothing is certain in real estate. As we go to press, my buyer’s home inspection report reads like a Russian novel. I was selling the home “as is” and now it looks like the deal is falling apart.  I may have to start all over again. Do I need another statue? Maybe, I should have asked Mr. Olwell where I can get the “Lexus.” In any event, at least something is selling. There’s always a bull market somewhere!

This is Wayne Piersanti, Broker-Salesperson for Coastline Realty, keeping it real. I can be reached at (609) 540-3374 and theshire3099@comcast.net. Coastline Realty is a full service, family owned and operated, award winning real estate agency.

Part 2 of 2.  Hope you enjoyed the article!

ORIGINALLY PUBLISHED IN CAPE MAY MAGAZINE, 2009