Homes for Sale Galloway Township NJ Market Trends November 2014
Single Family
The Galloway Township Real Estate Market saw a further decline in November. November saw an 29.7% increase in the number of new listings coming on the market compared to November of 2013. 35 new single family homes where introduced to the market.
The number of Galloway Township single family homes for sale in the year to date period ending November is up 29.3% over the previous year to date period.
Sold properties in November where up 25% with only 15 sold single family properties. This brings the current total of sold properties for the year to date period to 194. A 12.6% decrease over the previous year to date 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 18 months. A 51.3% increase from 2013. This denotes an extremely strong Buyers Market.
Average Days on Market in November was up 54.4% to 60 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. With a low number of sold properties, a very quick sale, or an incorrectly reported sale, can cause a large deflection in the Days on Market. For the year to date running period, which provides a more reliable gauge, Days on Market have decreased 3% to 97 days.
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 18.5 percent of the market inventory. A year ago many were taking 6 to 9 months to close. This year, if negotiated 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 down 8.4% over November 2013. Year to date the median sale price has declined 5.2% to $200,000. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township Market can stabilize.
55+ Adult Community Homes
The number of newly listed Galloway Township Adult Community homes for sale in November were up 16.7% over November 2013. 7 new listings where introduced to the market in November. Year to date the number of new listings is down 4.6%.
Sold properties in November where even with last November with only 2 sold adult community homes. This brings the current total of sold properties year to date to 38. A 22.4% decrease from the prior year to date period.
Combined, the total number of newly listed Galloway Township NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 10.5 months. A 15.4% increase from 2013. This denotes a Buyer's Market, and it is an increase from 8.6 months last year.
Days on Market for November was 153. Average Days on Market year to date is up 11% to 111 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. With a low number of sold properties, a very quick sale, or an incorrectly reported sale, can cause a large deflection in the Days on Market in a single month.
Median Sale Prices for this November were down 15.6% over last November to $209,000. Because of the very low number of adult community homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With an average of just over 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. For the year to date period, which provides a more reliable gauge, Median Sale Prices have decreased 10% to $189,000.
It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township 55 + Adult Community Market will able to gain any traction.
Condos
The Galloway Township Condominium Market is down in the number of condos sold this November. November saw a 35.7% increase in new listings coming on the market over November 2013. 19 new condos where introduced to the market. Which is 5 more listings than in November of 2013.
The number of new condo listings of Galloway Township Condos for Sale year to date is up 23.1% over the previous year to date period.
Sold properties in November were down 12.5% from last November with 7 sold condominium properties. This brings the current total of sold properties year to date to 70. This represents a 21.3% decrease from last year to date.
Combined, the total number of new Condo listings for Sale in Galloway Township, NJ and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 33.3% to 15.2 months of supply. This denotes a very strong Buyer's Market and is significantly worse than 11.4 months last year.
Average Days on Market in November was up 194.6% to 109 days. Year to date Days on Market is at 98. Roughly 3 1/2 months. The Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
A large percentage of listings are Short Sale Condos for Sale in Galloway Township, NJ. Short Sales Condos currently represent 35% of the market listings. A year ago many were taking 6 to 9 months to close. This year, if negotiated 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 down 1% from November 2013. 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 an average of 10 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Year to date, which provides a more reliable gauge, Median Sale Prices have remained at $70,000.
Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligble for financing with less than 20% down payment. Substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Galloway Township. A large percentage of purchases have been made by investors.
Median Sale prices overall for condos are very unlikely to gain any traction in the Galloway Township Market.
With supply remaining high, and growing, demand light, and the possibility 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.
Overall
The closing of 4 casinos, and the possibility of a fifth, has had a major affect on market prices. Unemployment continues to increase to the highest level 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. Adult community homes are less sensitive to employment numbers because many occupants are retired.
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 above graph, we continue to stay in the same side ways price channel we've been in for the last three years.
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Homes for Sale Galloway Township NJ Market Trends November 2014
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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