Homes for Sale Egg Harbor City - Real Estate Trends June 2014
Single Family
The Egg Harbor City Real Estate Market is showing mixed signs of improvement. June saw a 6.7% increase in newly listed homes coming on the market over June of 2013. 16 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 June 2014 were up 14.5% over the previous 12 month period with a total of 134.
Sold properties in June where down 33.3% with only 2 sold single family properties. This brings the current total of sold properties for the 12 month period to 45. An 18.4% 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 increase to 23.7 months. A 23.4% increase from 2013. This denotes an very strong Buyers Market.
Average Days on Market in June is not valid for June 2014. Days on Market for the 12 months previous is 127 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. Much of this can be attributed to the high percentage of Short Sale properties.
This factor should begin to decline as Short Sale Homes for Sale in Egg Harbor City, NJ are closing considerably faster than they were a year ago. Short Sales presently represent 25 percent of the market sales. A year ago many were taking 6 to 9 months to close. In recent months, if negotiated 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 June are down 8.7% over the June 2013. The 12 month Median Sale Price is up 4.8%. 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.
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 prices 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 remain challenged. When interest rates increase, buyers qualify for lower mortgages.
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Homes for Sale Egg Harbor City - Real Estate Trends June 2014
By Bill Wagner
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