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 1^st    (-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 1^st (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.

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 1^st

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

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

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

On December 30^th, 2008 I listed my duplex in Cape May for sale.  I knew the market was tight, and money was hard to come by. The nation – indeed the world – was approaching its third mouth of unprecedented downturns, bankruptcies, bailouts and foreclosures. Real estate had been in free fall for years. Since October we have seen a simultaneous contraction of all investment markets: Gold, the euro, mutual funds, stocks, everything!  For many years I had made money by betting against prevailing trends. When money poured into the stock market (driven by the dot.com delusions) in the late 1990’s, I bought real estate.  By 2005, when anyone with $300, a lawyer and a hammer could form an LLC and become a builder, I invested in global funds. When I didn’t have a clue what was going on, I turned to bourbon and CD’s (the money kind). Park your money there for a while, have a drink and wait for the dust to settle.

Still, in the mist of a decidedly bear housing market, I was trying to sell my old house in Cape May. For many years a family member had lived there, and when it became vacant the house was beat and needed a lot of work. I had to move on. I was confident it would sell. I had a secret advantage that I am about to share with you. I bought a “Saint Joseph’s Home Seller’s Kit.” For as little as $3.49, you can hire the “hardest working Saint in Real Estate.” Complete with a Saint Joseph statue, a color prayer card and instructions on how to use them both; the kit is also available in Spanish. If only indulgences could be bought so cheaply.

Ever since Saint Teresa of Avila  prayed that Saint Joseph would intercede to obtain land for Christian converts, real estate lore abounds with stories attesting to the remarkable skills of Saint Joseph the Carpenter when it comes to selling homes.  This was not the first time I had asked his intercession.

In 2006, when I listed my daughter’s house in Bayside Village, she buried a Saint Joseph statue there alongside the petunias. Her home sold in 82 days. In 2008 she lent her statue to a sister-in-law trying to sell her house in Villas, NJ.  Bad move. The house did not sell. Saint Joseph statue legend says that once a Saint Joseph statue has been used to sell a home, it should proceed with the sellers to their new home, where it should be prominently displayed. For this reason one should avoid the biodegradable Saint Joseph statue at all costs. At the least, the statue should be “retired.” Each sale situation is unique, and a new statue should be entrusted with any future business. Saint Joseph had a good union, and this is one way to keep statue sales up! Since the sister-in-law did not list with me, I blamed the realtor. I wanted to stay on Saint Joseph’s good side!

My hands shook when my kit arrived in the mail. Of course it was less than 20 degrees outside that day! Since the ground was frozen I had plenty of time to read the instructions, and plan my strategy.  I got a little confused when I read the instructions for burial of the statue. Apparently, there is no “one way” to use the Saint Joseph statue, and there exists a lot of latitude for the user.  Suggested options include: Bury the statue upside down next to the “for sale” sign, bury it 3 feet from the rear of the house, “simply” place it somewhere on the property, bury it next to the street facing the home, bury it next to the front door facing away from the home, bury it in the front yard, and bury it 8” to 12” deep. If the Catholic Church had been this accommodating centuries ago, there might not have been a Protestant Reformation. There were no instructions for selling a high-rise condo. The kit does not include a flower pot or planter. By the end of January, the ground had thawed enough for me to actually bury the statue. I buried Saint Joseph upside down, facing away from the home, in the front of the property. I asked a friend of mine to join me in prayer. He demurred and shouted obscenities at me while I prayed. Within three weeks, I had gotten two offers. I accepted the second.

Part 1 of 2.  To Be Continued Next Month!

ORIGINALLY PUBLISHED IN CAPE MAY MAGAZINE, 2009

Author:

WAYNE PIERSANTI

Broker Sales Associate
Email: theshire3099@comcast.net
Cell Phone: (609) 540-3374
Fax: (609) 884-4620

There were 23 condominium sales in the greater Cape May area during the 3^rd quarter of 2019 ranging in price from $75,000 to $741,000.  Three units at the Marquis de Lafayette “condo-tel” sold for less than $100,000. (Owners of these units are required to rent their room(s) as a hotel room. The owner has access to use the room based on an allotted usage policy.) Located at 501 Beach Avenue, The Marquis de Lafayette complex overlooks the beach and features include a heated pool, a restaurant and the Barefoot Bar! Meanwhile, Unit #3 located at 41 Jackson Street sold for $672,500 after only 71 days on the market. It features 3 bedrooms and 2 baths. The building itself dates back to 1879.

In West Cape May, at 606 Second Avenue, a new townhome-style twin 4 bedroom, 3 ½ bath unit sold for $703,000. It was originally listed at $749,000.  This 2100 square foot side by side had been on the market for 347 days prior to closing. Closer to town a 2 bedroom, 1 ½ bath unit at 221 Park Blvd “E” sold for $350,000.

Off the island $741,000 got you a 3 bedroom, 2 ½ bath unit at the Canyon Club. This move-in ready, 1990 square foot condo came with a 50 foot deeded boat slip. An $8000 annual condo fee includes 3 pools, Harbor views and a marina. A 2 bedroom, 2 bath unit at Lighthouse Pointe Marina (5117 Shawcrest Road) sold for $145,000 as-is and with a laundry list of buyer’s responsibilities prior to closing and seller’s disclaimers. How many remember those endless summers of listening to Philly DJ Jerry Blavat at the Lighthouse Pointe Bar and Restaurant?

Currently there are 61 condominiums listed for sale in the greater Cape May area including a condo at the Marquis de Lafayette that has been on the market for an astonishing 3400 days! (Can this be a typo?) 37 of these are in Lower Township, including 10 at Canyon Club. A new side by side at 2685 Bay Drive is listed for $775,000. It has been on the market for 61 days. From all of us at Coastline Realty……Enjoy the Holidays and have a great time!

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 and theshire3099@comcast.net. Coastline Realty is a full service, family owned and operated, award winning real estate agency.

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

Lower Township – Third Quarter Market Report 2019

During the third quarter of 2019 there were 159 residential closings in the Lower Township area ranging in price from $61,850 after a major price reduction for a two bedroom, 2 bath manufactured home in the Bayshore Woods adult community to a 4 bedroom, 3.5 bath upside down new construction Bayfront home at 907 Shore Drive that sold for $1,135,000 (cash). 301 E. Pacific Ave. in Villas sold for $106,500 after 604 days on the market, proving again there is a lid for every pot.  The average sale price was $261,626 and total sales for the quarter amounted to $41,598,550. Average time on the market was 116 days. There were two sales of over $1,000,000+.

During the same period in 2018 there were 151 residential sales with a combined sales total of $31,338,539 and an average sale price of $207,539 and an average time on the market of 109 days.  103 Beach Drive in North Cape May sold for $800,000.

Prices overall were 26.1% higher in this quarter than they were in 2018 and sales volume was up 13.1%. It is worthy to note that the stock market has also moved into and remained in record high territories. Generally, a rising stock market may result in more discretionary income for future home buyers but it is hard to prove a direct relationship between the two markets. Either way it’s been a win-win for anyone currently in the game, but home equity has remained the most valuable asset for most families. Currently there are 172 active residential listings in Lower Township ranging in price from $45,000 to $1,890,000. More information is a phone call away.

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

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.

There were 41 residential transactions in the Cape May Area during the 3^rd quarter of 2019 ranging in price from $287,000 (a Village Greene quad at 1350 Virginia Ave. Unit C) to $3,150,000 (a 5 bedroom, 4.2 bath, single family home featuring an in-ground pool, smart home technology and an outside great room complete with TV/AV hook ups, overlooking Cape May Harbor -1460 Missouri Ave).

25 of the sales were in Cape May.  New construction at 925 Columbia Ave sold for $1,150,000 and a fully renovated home dating back to circa 1880 sold for $685,000 – 1143 Lafayette St. The average time on the market was 184 days and the average sales price was $1,020,456, which was 96.8% of list price. The median sale price was $915,000. For comparative purposes, during the same period in 2018 there were 25 closings in Cape May but the average price for 2018 was $841,676 and the median price was $679,000.

The average sale price for 2019 was 121% higher than in 2018 and the number of sales was 164% higher which may reflect an increased demand for housing in Cape May.

There were 6 residential real estate transactions in West Cape May during the 3^rd quarter of 2019 with an average sales price of $620,666 and an average time on the market of 161 days. A fixer-upper on a 50 x 148 foot lot sold for $405,000 after 229 days on the market. It had been originally listed at $500,000 (121 Leaming Avenue). 617 Sunset Boulevard sold for $825,000. In the 3^rd quarter of 2018 there were 8 transactions with an average sales price of $679,234 largely boosted by one sale of $1,175,000.

10 properties sold in Cape May point during this time with an average sales price of $958,936. A 4 bedroom 3 ½ bath new construction listing located at 312 Brainard Ave. and built by well-known builders Hawthorne Davis sold for $1,252,384. In the 3^rd quarter last year only two properties sold in Cape May Point and the average sales prices of $662,500.

Overall Cape May County officials have reported that 2019 has likely been a record breaking revenue season with numbers up in all tourist sectors which may have contributed to the uptick in residential sales. Currently there are 96 active residential listings in the Cape May area.

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 and theshire3099@comcast.net. Coastline Realty is a full service, family owned and operated, award winning real estate agency.

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