Health of the RE Market

[Sean K.]

I own a condo in Margate City NJ.  It was originally a vacation home but we've operated it as a vacation rental for the past few years.  We want to sell it and upgrade to a single family home also to be used as a vacation rental, but I'm not sure if this is the right time.

I've seen articles and posts recently that the RE market has rebounded to 2008 levels and I'm wondering if someone can comment on the status of the RE market in southern NJ specifically because I don't see the rebound.  The comps for my condo seem to suggest that it is only worth about 80% of the purchase price (It was purchased at the very end of 2004).  I have also found similar situations when speaking to sellers in the SJ area.  The comps tend to show that their home is worth less today than they paid for it in ~ 2005 - precrash 2008. 

So where are we in South Jersey? Are other areas of the country experiencing a resurgence while South Jersey remains stagnant or am I just finding outliers?

I appreciate the feedback!