Market Trends - Homes for Sale - Mays Landing, NJ - February 2015
The Mays Landing Real Estate Market is showing signs of improvement this February.
Single Family
February saw a 4% decrease in new listings coming on the market over February of 2014. 24 new single family homes where introduced to the market.
The number of Mays Landing single family homes for sale for the year to date period ending January is down 9.4% over the same period last year. A total of 58 single family homes have been listed year to date.
The number of sold properties, in January, where up 128.6%. There were 16 sold single family properties. This brings the current total of sold properties for the year to date period to 21. A 50% increase from the 2014 year to date period.
Combined, the total number of newly listed Mays Landing NJ Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 13 months. This denotes an extremely strong Buyers Market.
Average Days on Market is up 8.4% for February to just under 4 months. The total for the year to date period is 121 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Short Sales presently represent 13.1 percent of the market sales. Short sales generally take longer to close so they directly affect the days on market.
Median Sale Prices for this February were 30% compared to February 2014. The year to date Median Sale Price is up 18.6%. Median Sale prices are very unlikely to make significant gains long term in the Hamilton Township/Mays Landing Market. Unemployment continues to remain the highest in the State and higher than most areas of the country.
55+ Adult Community Homes
The number of newly listed Mays Landing Adult Community homes for sale in February were down 44.4% over February 2014. 5 new listings where introduced to the market in February. Year to date the number of new listings is down 17.6%.
Sold properties in February where up significantly from February 2014 with 7 sold adult community homes. Year to date sold properties are up 300% to 8 homes sold.
Combined, the total number of newly listed Mays Landing NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 6.7 months. An 31.6% decrease from 2014. This denotes a fairly balanced Market.
Days on Market for February was 89 representing an increase of 85.4% from last February. Average Days on Market year to date is up 80.4% to 83 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 February were up 1.6% over last February to $94,000. 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 4 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 are down 8.8% to 85,500.
It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Mays Landing 55 + Adult Community Market will begin to gain any traction.
Condos for Sale - Mays Landing, NJ - Market Trends
The Mays Landing Condominium Market is showing no improvement in the number of condos sold this February. February saw a 10% decrease in new listings coming on the market over February 2014. 9 new condos where introduced to the market.
The number of new listings of Mays Landing Condos for Sale in the year to date period ending January are even with the previous year to date period.
Sold properties in February where down 50% with only 1 sold condominiums. This brings the current total of sold properties for the year to date period to 3. This represents a 70% decrease over the same 2014 period.
Combined, the total number of new Condo listings for Sale in Mays Landing, NJ and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 94.4% to 13.8 months of supply. This denotes a very strong buyer's market.
Average Days on Market for January was down 35.5% to 149 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. Days on Market for the year to date period is up 22.3% to 159 days
Median Sale Prices for this February were down 26.6% from February 2014. 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 les than 2 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 are down 16.2% to $75,000.
Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligible 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 Mays Landing. A large percentage of purchases have been made by investors.
Median Sale prices overall for condos are very unlikely to gain much traction in the Mays Landing Market.
Unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates are in the 4% 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 increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages.
If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2015 Bill Wagner All Rights Reserved Wagner Real Estate Group
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