Homes for Sale Galloway Township NJ Market Trends March 2014
Single Family
The Galloway Township Real Estate Market is showing a significant change this March. March saw a 36.8 percent increase in the number of new listings coming on the market compared to March of 2013. 52 new single family homes where introduced to the market.
The number of Galloway Township single family homes for sale in the 12 month period ending March 31st is up 10.5% over the previous 12 month period.
Sold properties in November where down 47.8% with only 12 sold single family properties. This brings the current total of sold properties for the 12 month period to 227. A 2.7% increase over the previous 12 month period.
Combined, the total number of newly listed Galloway Township NJ Homes for Sale and total inventory versus the number of properties being sold has increased the months supply of inventory to 12.5 months. A 10.5% increase from 2013. This still denotes an strong Buyers Market.
Average Days on Market in March was up 12.9% to just under 3 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
There continues to be a significant percentage of Short Sale Homes for Sale in Galloway Township, NJ. They are however, closing considerably faster than they were a year ago. Short Sales presently represent 17+ percent of the market inventory. A year ago many were taking 6 to 9 months to close. This year, if negotiatiated properly they are only taking 3 to 6 months average with some closing as fast as 5 to 6 weeks.
Median Sale Prices for this November were up 2.5% over the November 2012. The 12 month Median Sale Price is up 2.4%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township Market are beginning to gain some traction or if this improvement just reflects the change in interest rates from last year.
Unemployment continues to remain the highest in the State at 13.1% for February 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 are also predicted to gradually climb and at this writing are in the 4 to 4.5% range. As can be seen in the below graph, we continue to stay in the same side ways price channel we've been in for the last three years.
With supply remaining high, demand light, and the likelihood of increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages.
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Homes for Sale Galloway Township NJ Market Trends March 2014
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2014 Bill Wagner All Rights Reserved - Originally Posted at: Atlantic County Home Finder Blog - Wagner Real Estate Group
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