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Real Estate Market Trends Looking Up at the End of First Quarter 2011

by: Jeff Quintin, on April 8, 2011 - Uncategorized

We have all been coping with a great deal of ups and downs during this roller coaster ride through our real estate market lately but it’s the ups that make the journey both worthwhile and promising. As I’m vacationing with my family in beautiful Italy, the numbers for March 2011 came in and there is good news. As you can see from the stats at the end of this year’s first quarter, things are looking up!

Record Sales In Over FOUR Years

I’m proud to announce that for the first time in four years, our numbers have reached a super high in terms of units under contract for Ocean City. We ended the month of March with a figure of 1,132 units, with 175 that came on the market and a whopping 84 homes that went under contract!

The details read this like:
Single-Family Homes – 21
Condominiums – 58
Vacant Lots –  2
Multi-Family Properties – 1
Commercial – 1

Homes are Selling Quicker

With the average Days On Market (DOM) rate of 127, more than seventeen percent lower than the previous figure of 154, the trend looks to be a positive one. This good news means that more homeowners can expect faster results hopefully in the months to come.

With an average sales price of $370,175, shorter DOM and increasing performance overall, right now we’re one of the top performing markets in South Jersey. The trend is a positive one!