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Biz in Brief

by Editorial Staff--South Jersey Biz

Capital Bank of New Jersey reported a net income of $1,982,000 for the first six months of 2015, which ended June 30, 2015, and a 20 percent increase over its earnings in the first half of 2014. Capital Bank also reported that its total assets at June 30, 2015, had grown to $362 million.

Kennedy Home Health Care has received a Four-Star rating in the new Medicare & Medicaid Services (CMS) program that evaluates home care companies across the country. Kennedy Home Health Care is the only agency in its service area of Camden, Gloucester and Burlington counties to receive a Four-Star (out of a possible Five-Star) rating.

Somerset Properties and WCRE have reported approximately 140,000 square feet of successful lease transactions, diminishing much of the vacant commercial space in South Jersey. WCRE handled six leases in total, including three transactions at Greentree North Corporate Center in Mount Laurel, two at Marlton Crossing Office Park, and one lease at Horizon Corporate Center in Mount Laurel.

Cooper Medical School of Rowan University received a $1.75 million grant from the U.S. Department of Health and Human Services’ Health Resources and Service Administration. The award will assist in creating an accelerated curriculum for medical students and address a physician shortage in underserved communities in New Jersey.

New York Life is looking to increase its field force in its South Jersey general office through the addition of 40 new agents in 2015, with a focus on diversity within the company.

Sun Bancorp in Mount Laurel announced its highly successful second quarter results. The restructuring plan adopted last year churned out impressive financial highlights for the company, including the strongest asset quality in the region and a net loan growth of $95 million this quarter.

For the first time in 15 years, officials have increased tolls on both the Burlington Bristol and Tacony-Palmyra Bridge in order to cover infrastructural improvements. Passenger vehicle fares will rise from $2 to $4, E-Z Pass users will pay $3, and RV, buses, and axle trucks will pay a higher toll as well.

With the first two quarters of the year behind us, New Jersey’s housing market health in 2015 is shaping up to be very strong, according to NJ Realtors Association. The spring proved to be a fruitful time, again, as it traditionally is. And, with a large number of pending sales in the pipeline, the summer should continue on that trend as well.

In June 2015, when looking at the housing market as a whole, there were 9,944 closed sales, a 16.4 percent increase over the same time last year. Similarly, pending sales were up a very strong 21.6 percent to 10,050 units. The months’ supply of inventory in June sat at 8.5 months, which is a sign of a balanced market, despite having a drop of 16.7 percent from June 2014. The total number of homes for sale dropped 6.5 percent to 65,838, but on the flip side, new listings were up 8 percent to 17,098 for the month.

As far as pricing goes, the median sales price rose a modest 1.7 percent over June 2014 to $305,000. This is good news for buyers and sellers because the affordability index rose 4.5 percent to 139. This means that the average buyer has 139 percent of the income needed to purchase a home in New Jersey. From a seller’s perspective, there’s even more good news, too. The number of days on market is 77, a 1.3 percent drop from last year, and the percent of list price received at closing rose slightly to 96.8 percent.

Published (and copyrighted) in South Jersey Biz, Volume 5, Issue 8 (August, 2015).
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