Homes for Sale - 55+ Adult Communities - Mays Landing, NJ - 10/2013
Adult Communities
The Mays Landing 55+ Adult Community Real Estate Market is showing an overall improvement as we head into the fall season. October saw a 25% increase in new listings coming on the market over October of 2012. Only 1 new adult community home was introduced to the market.
The number of newly listed Mays Landing 55+ Adult Community Homes for Sale in the 12 month period ending October 31st is down 2.2% over the previous 12 month period.
Sold properties in October where up 400% with 5 sold adult community properties. This brings the current total of sold properties for the 12 month period to 58. A 70.6% increase over the previous 12 month period.
Combined, the total number of newly listed Mays Landing NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to drop to 6.8 months. A 60.2% decrease from 2012. This denotes an Nuetral Market, and is a significant improvement from 17.1 months last year.
Average Days on Market in October was 92 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. There are several factors contributing to this drop. More sellers realize that the market is really soft and are pricing their homes aggressively in order to get them sold. Many are relocating out of state where housing costs are lower.
Average Days on Market for the running 12 month period is actually up .6%% to 174 days.
Median Sale Prices for this October are up 12.3% over the October 2012. Because of the very low number of adult community homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With only 6 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Over a 12 month running period, which provides a more reliable gauge, Median Sale Prices have decreased 10.1%.
It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Mays Landing 55+ Adult Community Market will continue to gain some traction. Unemployment continues to remain the highest in the State and higher than most areas of the country. Unemployment in Atlantic County is the biggest detriment to prices we face. If prospective buyers do not have decent paying, full time jobs, they do not qualify to purchase. The result is a much smaller pool of buyers and reduced demand. Adult community homes are less sensitive to employment numbers because many occupants are retired.
Mortgage Rates have dropped back into the 4% to 4 1/2% at this writing. As can be seen in the below graph, we appear to have more stability in the last year than in the previous two years.
With supply reduced, demand slightly improved, and the fact that many adult community sales are not reliant on financing, the Median Sale prices may well have the ability to improve.
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Homes for Sale - 55+ Adult Communities - Mays Landing, NJ - 10/2013
By Bill Wagner
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Original content can be viewed at: http://www.atlanticcountyhomefinder.com/?p=161
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