Homes for Sale Galloway Township NJ Market Trends May 2015
Single Family
The Galloway Township Real Estate Market continued to stuggle in May. May saw a 12.7% increase in the number of new listings coming on the market compared to May of 2014. 62 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 May is up 8.7% over the previous year to date period.
Sold properties in May where even with 17 sold single family properties. This brings the current total of sold properties for the year to date period to 76. This is a 4.1% increase 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 16.6 months. A 19.4% increase from 2014. This denotes an extremely strong Buyers Market.
Average Days on Market in May was down 50.4% to 61 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 11.1% to 104 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 11.6% of the market inventory.
Median Sale Prices for this May were down 22.7% from May 2014. Year to date the median sale price is down 12.1% to $186,750. 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 May were even with May 2014. 9 new listings where introduced to the market in May. Year to date the number of new listings is up 33.3%.
There were 6 sold properties in May. Last May there were 5 sold adult community homes. This brings the current total of sold properties year to date to 13. 2 more than 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 12.3 months. A 43% increase from 2014. This denotes a Buyer's Market, and it is an increase from 8.6 months last year.
Days on Market for May were 212. Average Days on Market year to date is 168. 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.
The Median Sale Price for this May was $220,000. This is a 2.2% increase over May 2014. 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 less than 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. The year to date period, which provides a more reliable gauge, shows a decrease of .9% to $210,000.
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 May. May saw a 50% increase in new listings coming on the market over May 2014. 21 new condos where introduced to the market. Which is 7 more listings than in May 2014.
The number of new condo listings of Galloway Township Condos for Sale year to date is up 40.3% over the previous year to date period.
Sold properties in May were up 42.9% from last May with 10 sold condominium properties. This brings the current total of sold properties year to date to 42. This represents a 50% increase 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 decrease by 6.9% to 14.8 months of supply. This denotes a very strong Buyer's Market but is an improvement from 15.9 months last year.
Average Days on Market in May was down 50.9% to 81 days. Year to date Days on Market is down 1% to 96 days. Roughly 3 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 24% of the market listings.
Median Sale Prices for this May were down 27.2% from May 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 8 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 are up .7%.
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% 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.
Search Galloway Township Homes for Sale
Homes for Sale Galloway Township NJ Market Trends May 2015
By Bill Wagner
Search available properties in specific communities:
Search homes in other communities
Absecon Atlantic City Brigantine Buena Buena Vista Corbin City Egg Harbor City Egg Harbor Township Estell Manor Galloway Hamilton Township (Mays Landing) Hammonton Linwood Longport Margate Mullica Township Ocean City Pleasantville Port Republic Somers Point NJ Upper Township Ventnor Weymouth Township
Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2015 Bill Wagner All Rights Reserved Wagner Real Estate Group
Comments(0)