Market Report - Homes for Sale - Hamilton Twp/Mays Landing, NJ - September 2013
The Hamilton Township/Mays Landing Real Estate Market is showing little to no improvement as we head into the fall season. September saw a slight 3.3% decrease in new listings coming on the market over September of 2012. 29 new single family homes where introduced to the market.
The number of Hamilton Township/Mays Landing single family homes for sale in the 12 month period ending September 30th is 6% over the previous 12 month period. A total of 173 single family homes where available.
Sold properties in September where up 13.3% with only 17 sold single family properties. This brings the current total of sold properties for the 12 month period to 164. Only a 1.2% increase over the previous 12 month period.
Combined, the total number of new listings Hamilton Township/Mays Landing NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to edge down to just below 12 months. This denotes an extremely strong Buyers Market.
Average Days on Market is down 25.3% for September to about 2 1/2 months. The running total for the 12 month period is just under 4 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. Many are relocating out of state where housing costs are lower.
Another factor that is contributing to the 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 down 11.6% compared to September 2012. The 12 month Median Sale Price is up 1.9%. Median Sale prices are very unlikely to gain any traction in the Hamilton Township/Mays Landing 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.
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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