Real Estate Report - Homes for Sale Little Egg Harbor, NJ September 2013
Single Family
The Little Egg Harbor Township Real Estate Market is showing significant improvement as we head into the fall season. September saw a 13.3% increase in new listings coming on the market over September of 2012. 68 new single family homes where introduced to the market.
The number of Little Egg Harbor homes for sale in the 12 month period ending September 30th is up 16.5% over the previous 12 month period.
Sold properties in September where also up 36.8% with 26 sold single family properties. This brings the current total of sold properties for the 12 month period to 305. A 30.9% increase over the previous 12 month period.
Combined, the total number of newly listed Little Egg Harbor Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to decrease to 14.1 months a 23.8% drop from last year. This still denotes an extremely strong Buyers Market.
Average Days on Market for September is down 59.5% to just under 2 months and dow 27.9% for the running 12 month period. 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 in days on market of Little Egg Harbor Homes for Sale 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 a dramatic 29% from September 2012. The 12 month Median Sale Price is 12.2%. It's important to realize that the Median Sale prices are being dramatically affected by the sale of storm damaged properties that are being sold in "As Is" condition at substantially discounted prices. Median Sale prices are very unlikely to gain any traction in the Little Egg Harbor Market and may continue to experience a decline.
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.
Real Estate Report - Homes for Sale Little Egg Harbor, NJ
By Bill Wagner
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Original post can be view at: http://www.atlanticcountyhomefinder.com/?p=106
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