Condos for Sale - Brigantine, NJ Real Estate Trends - May 2014
The Brigantine Real Estate Market for Condos is showing decline in the number of condos sold as we head into the summer season. May saw a 52.9% increase in new listings coming on the market over May of 2013. 26 condos where introduced to the market.
The number of new listings of Brigantine NJ Condos for Sale in the 12 month period ending May 31st is 14% over the previous 12 month period.
Sold properties in May were up 50% with 9 sold condominium properties. This brings the current total of sold properties for the 12 month period to 76. This represents a 25.5% decrease over the previous 12 month period.
Combined, the total number of new Condo listings for Sale in Brigantine NJ and total inventory versus the number of properties being sold has increased the months supply of inventory to 25.5 months. This still denotes an extremely strong Buyers Market and represents a 12.7% increase from 22.7 months last year.
Average Days on Market for May is down52.2% to 111 days. Considering the low number of sales, 1 or two transactions with quick cash closings can dramatically shift the Days on Market in a given month. The Days on Market for the 12 month period is 125, just over 4 months. 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 agressively in order to get them sold.
Median Sale Prices of condos for this May are up 36.7% over May 2013. The 12 month Median Sale Price is up by 3.9%. Because of the very low number of condos being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With less than 12 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
Median Sale prices for condos are beginning to gain traction in the Brigantine Market.
Unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates also continue to gradually climb and at this writing are in the 4% to 4.5% range. As can be seen in the above graph, we continue to stay in the same side ways price channel we've been in for the last three years.
Market Report - Condos for Sale - Brigantine, NJ - May 2014
Search Brigantine NJ Condos for Sale
By Bill Wagner
609-432-8005 cell
If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.
Search available properties in specific communities:
Absecon Atlantic City Brigantine Buena Buena Vista Corbin City Egg Harbor City Egg Harbor Township Estell Manor Folsom Galloway Township Hamilton Township (Mays Landing) Hammonton Linwood Margate Mullica Township Northfield Ocean City Pleasantville Port Republic Somers Point Upper Township Ventnor Weymouth Township
Comments(0)