Market Report - Condos for Sale - Atlantic County, NJ - September 2013
The Brigantine Market is flat in the number of condos sold as we head into the fall season. September saw a 22.2% increase in new listings coming on the market over September of 2012. 22 new condos where introduced to the market. Which is four more listings than in September of 2012.
The number of new listings of Brigantine Condos for Sale in the 12 month period ending September 30th is only up 3.3% over the previous 12 month period.
Sold properties in September where down even with only 6 sold condominium properties. This brings the current total of sold properties for the 12 month period to 94. This is exactly the same amount sold over the previous 12 month period.
Combined, the total number of new Condo listings for Sale in Brigantine NJ and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase slightly to 25 months of supply. This still denotes an extremely strong Buyers Market and is the effectively the same as it was last year.
Average Days on Market was up to just under 4 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. There are several factors contributing to this drop. More sellers realize that the market is really soft and are pricing their homes agressively in order to get them sold.
Another factor that is contributing to overall decline is that Short Sale properties are closing considerably faster than they were a year ago. Short Sales presently represent 30+ percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiatiated 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 September are are up by 27.8% over September 2012. The 12 month Median Sale Price is only up .6%. 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 only 10 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
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% downpayment. Substantially reducing the pool of available buyers.
Median Sale prices for condos are very unlikely to gain any traction in the Brigantine Market.
Unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates also continue to gradually climb and at this writing have reached the 5% mark. 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.
By Bill Wagner
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