Catchy title, huh?
So what does $201,343,605 mean? Unfortunately, it's not how much money we won in the MegaMillions or Powerball lotteries. It's not our national debt, it's not New Jersey's budget deficit.
It is the total value of all properties sold in the Wildwoods in 2010 by realtors belonging to the Cape May County Association of Realtors. That amount includes sales in Wildwood, North Wildwood, West Wildwood, Wildwood Crest, and Diamond Beach. Just think, $200 million changed hands. Dreams were realized for some, while broken dreams were a reality for others. For others, it was business as usual.
In all, 673 properties changed ownership. Let's break down the numbers:
148 single family homes sold at an average price of $338,950 and were on the market an average of 242 days.
14 lots sold at an average of $216,817 and were on the market for 243 days average.
15 commercial properties sold for an average of $386,500 after being on the market an average 323 days.
38 multi-family properties sold for an average of $253,318 and were on the market an average of 234 days.
Now the big one. 458 condos and townhomes sold for a total of $137 million plus, with the average price $301,173 after 245 days on the market.
To summarize, 673 properties sold in 2010, or slightly less than two every day of the year. They were on the market about eight months. And condos and single family homes averaged over $300,000 apiece. That's not bad, and after the market conditions we saw in 2006-2009, it's quite encouraging.
As you no doubt noticed, the media finally acknowledged - or most of them did - that the real estate market was making a comeback in 2010. Here at Jewell Real Estate Agency, our sales were up 205% as compared to 2009. And guess what. We have set our goal at again doubling our business in 2011 compared to 2010. A bold prediction, sure, but we can do it! The numbers don't lie.