Market Report - Condos for Sale - Ventnor, NJ - September 2013

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204

Market Report - Condos for Sale - Ventnor, NJ - September 2013

The Ventnor Real Estate Condo Market is showing a slight overall improvement in the number of condos sold as we head into the fall season. September saw a slight 53.8% increase in new listings coming on the market over September of 2012. 20 new condos where introduced to the market. Which is 7 more listings than in September of 2012.

The number of new listings of Condos for Sale in Ventnor, NJ in the 12 month period ending September 30th is down 10.4% over the previous 12 month period.

Sold properties in September where up 75% with 7 sold condominium properties. This brings the current total of sold properties for the 12 month period to 61. This represents a 9% decrease over the previous 12 month period.

Combined, the total number of new Condos for Sale in Ventnor, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to drop by 4.7% to 22.3 months of supply. This still denotes an extremely strong Buyers Market but it is an improvement over the 23.4 months last year.

Average Days on Market is down 52.8% to just under 3 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. Many are relocating out of state where housing costs are lower.

Another factor was contributing to longer Days on Market were Short Sale properties. Short Sales presently represent a very low percentage of Condos for Sale in Ventnor, NJ

Market Report Condos for Sale Ventnor, NJ Atlantic County

Median Sale Prices for this September are down by 41.7% over September 2012. 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 7 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Over a 12 month running period, which provides a more reliable gauge, Median Sale Prices have dropped 23.7%.

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% downpayment. Substantially reducing the pool of available buyers.

Condos for Sale Ventnor NJ Atlantic County

Median Sale prices for condos are very unlikely to gain any traction in the Ventnor 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 above graph, we continue with the erratic monthly swings we've been having for the last three years.

Market Report - Condos for Sale - Ventnor, NJ - September 2013

By Bill Wagner

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