Homes for Sale Brigantine, NJ - Real Estate Market Trends May 2014
Single Family
The Brigantine Real Estate Market is showing no improvement as we head into the summer season. May saw a 3.7% decrease in new listings coming on the market over May of 2012. 52 new single family homes where introduced to the market.
The number of newly listed Brigantine single family homes for sale in the 12 month period ending May 31st is up 34.5% over the previous 12 month period.
Sold properties in May where down 11.1% with only 16 sold single family properties. This brings the current total of sold properties for the 12 month period to 143. This is the same number closed in the previous 12 month period.
Combined, the total number of new listings of Brigantine NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 27.5 months. This denotes an extremely strong Buyers Market.
Average Days on Market where the same as the previous 12 month period at 3 1/2 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. More sellers realize that the market is really soft and are pricing their homes aggressively in order to get them sold.
Median Sale Prices for this May were down 15.9% over May 2012. The 12 month Median Sale Price is down 6.7%. It should be interesting to watch the Brigantine Market over the next several months. Unemployment in Atlantic County continues to remain the highest in the State and higher than most areas of the country. Casino closings with certainly have an affect on area real estate activity.
Mortgage Rates have been relatively steady 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 employment issues, the Median Sale prices will have no option but to go down.
Homes for Sale Brigantine, NJ - Real Estate Market Trends May 2014
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By Bill Wagner
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