This week I was interviewed by Ron Flozak. We talked about several topics including whether or not now would be a good time to start a career in real estate. Please watch the interview and contact me if you’re thinking about a career in real estate. I’d be happy to give you the straight talk and help you discover if a career in real estate is right for you.
Here is a look at the Atlantic County real estate market. We will break out single family homes, condos and take a look at adult communities.
For condos and townhomes new listings were up 40% and median sales price was up 31.8%. Inventory went up 10%. Recent changes allowing FHA spot approvals should open up more financing options for condo buyers and also help contribute to increased condo prices.
For adult communities new listings rose by 42.9%. Days on market dropped by 60% to just 33 days on market. Median sales price decreased by 21% for the month. In general the adult community home prices do mirror the rest of the market so a few lower priced homes sales may have led to the drop in prices for the month.
If you’re thinking about buying or selling a home please contact us for a complimentary Pin Point Price Analysis and Room By Room Review.
Recently I’ve had several sales in Mays Landing. I’d like to take a moment to share 3 reasons Mays Landing is a great place to live. I’d also like to highlight three great communities I’ve recently had sales in.
Mays Landing is located just West of Atlantic City. It’s about 20 minutes drive to Atlantic City. An hour to Philadelphia and 2 hours to New York. Mays Landing is also the regional shopping hub. Home of Hamilton Mall and major retailers like Macys, Khols, Target, Wal Mart, Hobby Lobby, Home Goods, Bed Bath And Beyond, Best Buy and more. Mays Landing also is home to many national restaurants such as Longhorn Steakhouse, Buffalo Wild Wings, Olive Garden, Red Lobster, Famous Dave’s, Red Robin, Moe’s, Outback, Chipotle and more. It’s convenient location makes it a great place to live and have easy access to shopping and activities.
Low Tax Rate
Mays Landing has one of the lowest tax rates in Atlantic County. Their municipal Tax Rate is 0.882 making it one of the lowest municipal tax rates. Many Mays Landing Homes have taxes under $5,000 per year.
Low Home Prices
Mays Landing also has reasonable home prices. I’ll give you a few examples. I recently sold a fantastic 4 bedroom, 3.5 bathroom home in Victoria Pointe for $245,000. I also sold a beautiful home in a 55 and over community called Tavistock. The home was 2 bedrooms, 2 baths and sold for $187,000. And even if you’re looking for something on a lower budget I sold a 3 bed, 2 bath manufactured home at The Fairways for $70,000. Also if you’re looking for a new home Artists Walk has homes starting in the low $200,000 range.
Mays Landing has a great location, reasonable home prices and low taxes. If you’re looking for a home consider Mays Landing. There are a variety of communities to fit your needs. Contact us for a consultation to see if Mays Landing would be a good fit for you.
Galloway Green Market’s last day of the summer season is Thursday August 29th. Hours are from 4-7 PM. Stop in for local produce, baked goods, flowers and more. Galloway Green Market is located at the Smithville Village Greene parking lot. It’s a great location close to the other fantastic shops and restaurants of Smithville. Come out and support local farmers and businesses and enjoy some great live music while you’re there.
You may have noticed an increase in commercial real estate activity recently. New businesses are opening, and moving to larger locations. In this post I’m going to focus in on a few moves.
The Black Horse Pike area of Egg Harbor Township and Mays Landing has seen many new activities. New businesses have moved into the Wal Mart shopping center in Egg Harbor Township. Along the English Creek area a new Dunkin Donuts drive through opened and Mavis Discount Tire. In Mays Landing a new strip mall center opened with a new Starbucks drive through and Sleep Number Store. Across the street from that is the new Outback Steak House.
Earlier this month JC Penny Officially closed it’s doors at the Hamilton Mall location in Mays Landing. This leaves the mall without two anchor stores. Sears also closed last year. Burlington Coat Factory is moving its location from Harbor Square in Egg Harbor Township to Consumer Square in Mays Landing.
One of my favorite restaurants Nizam’s also moved it’s location recently to a larger and nicer location in front of Harbor Square. If you are a business owner there are many opportunities in Atlantic County to start and grow a business here. Contact us for a no obligation consultation.
Here’s an update on the trends in the Egg Harbor Township, NJ real estate market. This chart compares February 2019 with February 2018. New listings were down 12.8%. Closed sales were also down slightly from 36 units to 33 units. Days on Market decreased to 70 days. Median Sales Price went up to $184,000. Up 1.4% from the previous year. Percentage of list price received also went up to 98.2% of list price.
To interpret this it means that inventory is down and prices are up slightly. This means we are moving slowly from a buyer’s market toward a seller’s market. If you are thinking about selling your Egg Harbor Township home it may be a good time to consider selling now. Also, If you’ve been waiting to buy a home now is a great time to buy before prices continue to increase. I’f you’re considering buying or selling a home in Egg Harbor Township please contact us for a free consultation.
So first let me say that this update is for Hamilton Township (AKA Mays Landing), Atlantic County, NJ. There are two Hamilton Townships in NJ so if you are looking for Atlantic County in South Jersey you’ve come to the right place! Mays Landing is located about 20 minutes east of Atlantic City and Ocean City. Mays Landing is also the regional shopping and retail hub of the county and home to The Hamilton Mall and many other strip centers and chain restaurants.
Here is an update for the Hamilton Township real estate market. New listings were down slightly for December. Closed sales were up. Days on market was down to just 63 days. The median sales price was lower for the month however it is up 14% year to date to a median sales price of $173,250.
This report also takes a look at condos and townhomes in Mays Landing. New listings were down for the month and median sales price is up 21%. Monthly supply of inventory is up slightly to 6 months.
If you or someone you know is thinking of buying or selling real estate in Mays Landing please let us know. We can help them analyze the real estate market in their neighborhood to see if this is a good time to buy or sell for them.
Here’s a quick look at the real estate market for Egg Harbor Township, NJ from our latest research report. Home price do vary on a monthly basis as often time one high or low priced home can skew the numbers. Here are the important numbers to look at for single family homes. Inventory is down nearly 5%. Home prices are up 2.3% year to date. Days on market is down to 71 days on market year to date and just 55 days on market for the month of November. Closed sales are up nearly 8% year to date.
For condos and townhomes prices are up year to date by nearly 30%. The number of closed sales is down 32% year to date. Egg-Harbor-Township-December2108marketupdate
If you or someone you know if buying or selling a home in Egg Harbor Township, NJ contact me for customized market report based on your specific criteria and location.
Many people always think of the Spring as the best time to sell and buy a home. That typically is when we have the most activity in our market however that doesn’t mean it’s always the best time to sell. Right now we are on the tail end of winter. We have some cold nights and the occasional snow storm and overall the weather is not bad. Buyers are out now shopping for homes. Listing and selling your home now means that your home will competing agains fewer homes for sale. Fewer homes for sale means you may be able to get a better price for your home.
Some of our communities are experiencing an all time low in inventory of homes available. The answer to the questions of when should I sell my house is it depends. It depends on your circumstances, your plans, your neighborhood and your house. There are many factors to consider and I’m here to help you. Contact me for a free consultation to determine when the best time to sell would be for you.
Best wishes, Matt
Houses for sale in Egg Harbor Township New Jersey
Here’s a quick overview of what’s happening in the real estate market in Egg Harbor Township. Median sold price is down 6% to $190,000. The median for sale price is up 2% and sold properties are down 2%. New properties are down 9% and total inventory is down 19%.
So even with lower inventories prices are still down overall. My interpretation of these statistics indicate that the foreclosure properties that are still on the market are continuing to pull prices down. At the same time some of the communities in Egg Harbor Township are very short on inventory and so there is a great possibility of price appreciation. Contact me if you’d like to know how much your home is worth in today’s market. To view full statistics for August 2017 Egg Harbor Township real estate click here: egg-harbor-township-market-stats