Coastline Realty Market Report: Lower Township, Third Quarter, 2019

Wayne Piersanti, broker-salesperson, Coastline Realty

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 2 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 Dr., 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. The average time on the market was 116 days.

There were two sales of over $1 million. During the same period in 2018, there were 151 residential sales, with a combined sales total of $31,338,539, an average sale price of $207,539, and an average time on the market of 109 days.

103 Beach Dr. 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 worth noting that the stock market has 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.

This is Wayne Piersanti, broker-salesperson for Coastline Realty, keeping it real. I can be reached at (609) 540-3374 and theshire3099@comcast.net.

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

Coastline Realty is located at 941 Columbia Ave., Cape May, 08204. For more information, call (609) 884-5005 or visit www.coastlinerealty.com.