Market Report - Condos for Sale - Margate, NJ - September 2013
The Margate Real Estate Market is showing a slight overall improvement in the number of condos sold as we head into the fall season. September saw a slight 4% increase in new listings coming on the market over September of 2012. 26 new condos where introduced to the market. Which is only one more listing that in September of 2012.
The number of new listings of Margate Condos for Sale in the 12 month period ending September 30th is down 1.7%% over the previous 12 month period.
Sold properties in September where up 25% with only 5 sold condominium properties. This brings the current total of sold properties for the 12 month period to 80. This represents a 10.1% decrease over the previous 12 month period.
Combined, the total number of new Margate Condo listings for Sale in Atlantic County NJ and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 35.8% to 24.3 months of supply. This still denotes an extremely strong Buyers Market and a substantial increase from the 17.9 months last year.
Average Days on Market is up 123.2% to just over 5 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.
Median Sale Prices for this September are are up by 21.7% over September 2012. The 12 month Median Sale Price is up only 8.7%. 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 only 9 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Therefore a 12 month running period provides a more reliable gauge.
Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees.
Median Sale prices for condos are very unlikely to gain any traction in the Margate Condo Market. There has been no predictable consistency in sale prices over the last three years.
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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