Courtesy of Trisha Kellaway, Sales Associate
The 2021 market was extremely strong and one which our community has not experienced in years. Low interest rates enticed more buyers and investors to surface and there was little to no inventory to meet the growing demand. Homes listed for sale garnered multiple offers. In some cases, buyers waved inspections (not something I recommend) and bid over asking price. Some sellers saw offers that were too good to be true. One such scenario is when an appraisal does not meet the offer and the buyers do not have the cash to cover the difference between their offer and the actual appraised value.
A buyer needs the right support to navigate this market and to achieve their goals of home ownership, without overpaying. A seller needs an agent who will advise them on what to look for in all aspects of each offer, not just the dollar amount.
As a local, full-time real estate agent with Homestead I offer the skills mentioned above in addition to the care and compassion I give each of my clients. Last year, I assisted my clients in buying and selling millions of dollars in real estate. My most rewarding sale in 2021 was a colleague from my prior career who reached out to me as their rental lease was ending. With short notice they needed to find somewhere to live, fast.
Not only did I find them a house to purchase, I found them the perfect home! We went to work that day making a strong offer, beating out other offers with an FHA mortgage. I had excellent communication and rapport with the listing agent, which assists in a more viable transaction. I recommended my clients use the best local mortgage consultant in town, who has a proven track record of getting to the closing table. The job does not stop there, there are inspections, appraisals and more to anticipate. Making it to closing day and handing my clients their keys was my highest accomplishment. I believe their review of my work says it all, “Trisha was phenomenal from our first conversation. She cared about our dream home and making the process simple. Trisha would be an asset to anyone who is looking to buy or sell a new home! Thank you, Trisha, for making our dreams come true!!!” When you make the decision to hire any professional what is the first thing you do? You ask for referrals from friends and family based on their firsthand experiences, research reviews online and hire based on a proven track record. Hiring a real estate agent should be handled the same way. I would be happy to give you my expertise and experience and assist you in the search for your dream home or the sale of your home. Please call 609.780.4469 or email TKellaway@HomesteadRealEstate.Net and allow me to assist you in achieving your real estate goals.
Cape May Communities Residential Market Stats
The year 2021 started off with the lowest interest rates on record, short supply and high demand. This trend continued throughout the year making 2021 the strongest housing market in the last 15 years. Home prices continued to dramatically increase from prior years and sellers experienced multiple offers with some being over asking price. Review the stats below to see the market growth for 2021 vs. 2020.
Cape May
Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)
- Number of Transactions: 198
- Average Sale Price: $1,036,692
- Median Sale Price: $877,500
- Average Days on Market: 132
Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020
- Number of Transactions: 164
- Average Sale Price: $887,524
- Median Sale Price: $759,250
- Average Days on Market: 139
Cape May Point
Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)
- Number of Transactions: 25
- Average Sale Price: $1,221,458
- Median Sale Price: $1,015,000
- Average Days on Market: 140
Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020)
- Number of Transactions: 31
- Average Sale Price: $1,096,668
- Median Sale Price: $1,070,000
- Average Days on Market: 149
West Cape May
Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)
- Number of Transactions: 38
- Average Sale Price: $894,071
- Median Sale Price: $800,000
- Average Days on Market: 158
Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020)
- Number of Transactions: 46
- Average Sale Price: $710,260
- Median Sale Price: $694,450
- Average Days on Market: 159
Lower Township
Last 12 Months Sold Data (Jan 1, 2021 to Dec 31, 2021)
- Number of Transactions: 557
- Average Sale Price: $376,432
- Median Sale Price: $320,000
- Average Days on Market: 79
Previous 12 Months Sold Data (Jan 1, 2020 to Dec 31, 2020)
- Number of Transactions: 629
- Average Sale Price: $316,828
- Median Sale Price: $269,900
- Average Days on Market: 116