Homes for Sale - Egg Harbor City, NJ - Real Estate Trends - November 2013
Single Family
Homes for Sale in the Egg Harbor City, NJ Real Estate Market are showing mixed signs of improvement as we this fall season. November saw a 27.3% decrease in newly listed homes coming on the market over November of 2012. 8 new single family homes where introduced to the market.
The number of Egg Harbor City single family homes for sale introduced in the 12 month period ending November is up 41.4% over the previous 12 month period.
Sold properties in November where up an encouraging 200% with 6 sold single family properties. This brings the current total of sold properties for the 12 month period to 48. A 54.8% increase over the previous 12 month period.
Combined, the total number of newly listed Egg Harbor City NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to decrease to 14.5 months. A 24.9% decrease from 2012. This denotes an very strong Buyers Market, but is an improvement.
Average Days on Market in November is up 274.4% to just under 5 months. A single month is not truly representative of the overall market. Days on Market over the 12 month period are the same as 2012 at 133. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
This factor should begin to decline as recently Short Sale Homes for Sale in Egg Harbor City, NJ are closing considerably faster than they were a year ago. Short Sales presently represent 24+ percent of the market sales. A year ago many were taking 6 to 9 months to close. In recent months, if negotiatiated properly they are only taking 3 to 4 months average with some closing as fast as 5 to 6 weeks.
Median Sale Prices for this November are down 49.1% over the November 2012. The 12 month Median Sale Price is down 6.6%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Egg Harbor City Market will begin to gain some traction this spring.
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.
Mortgage Rates also are a critical factor. At this writing they are floating around 4 to 4.5%. As can be seen in the below graph, we continue to see very erratic price medians on a month to month basis with little to no stability.
With supply remaining high, demand light, and increasing interest rates, the Median Sale prices will likely have no option but to go down. When interest rates increase, buyers qualify for lower mortgages.
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Homes for Sale - Egg Harbor City - Real Estate Trends - November 2013
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2013 Bill Wagner All Rights Reserved - Originally Posted at: Atlantic County Home Finder Blog - Wagner Real Estate Group
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