The first quarter of 2007 in Somers Point showed 15 single family homes sold, compared to 17 in 2006. The average sold price had a drastic reduction from $326,058 in 2006 to $235,633 in 2007. This drastic change is due in large part to two factors: Higher end homes are selling much slower, and rehab & fixer-uppers are selling for much less.
With a lot of inventory for buyers to choose from, homes with "issues" are much harder to sell. When buyers have alot to choose from the prohibitive value of the "issue" greatly increases as buyers opt for the choice that offers less inconvenience.
For example, the cost difference between a 3 bedroom / 1 bath home and a 3 bed / 2 bath home in the last six months was $11,000. Compared to a $2000 difference in teh same six month period from the year prior.
From 8/06 to 4/07 a 3 Bed/2 bath home sold for $266,750
From 8/06 to 4/07 a 3 Bed/1 bath home sold for $255,646
From 8/05 to 4/06 a 3 Bed/2 bath home sold for $287,581
From 8/05 to 4/06 a 3 Bed/1 bath home sold for $285,857
(Information reported has been compiled from Data of Somers Point Single Family homes recorded for sale in the South Jersey Shore Multiple Listing service. Information is deemed reliable but not guaranteed)