Market Report - Homes for Sale - Brigantine, NJ - October 2013

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

Market Report - Homes for Sale - Brigantine, NJ - October 2013

Single Family

The Brigantine Real Estate Market is showing little to no improvement as we head into the fall season. October saw a 5.3% decrease in new listings coming on the market over October of 2012. 18 new single family homes where introduced to the market.

The number of newly listed Brigantine single family homes for sale in the 12 month period ending October 31st is up 17.2% over the previous 12 month period.

Sold properties in October where down 20% with only 12 sold single family properties. This brings the current total of sold properties for the 12 month period to 137. This represents a 22.2% decrease over the previous 12 month period.

Combined, the total number of new listings of Brigantine NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 24.5 months. This denotes an extremely strong Buyers Market.

Average Days on Market is down 11.6% to just over 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 aggressively in order to get them sold. Many are relocating out of state where housing costs are lower.

Brigantine NJ Homes for sale homes sold Atlantic County

Median Sale Prices for this October were down 2.8% over October 2012. The 12 month Median Sale Price is up 19.4%. Some of the increase in Median Sale Prices can be attributed to the fact that many of the older properties that would normally be selling in the lower price ranges, that were damaged in Hurricane Sandy, were not able to be marketed this year. It should be interesting to watch the Brigantine Market over the next several months. Unemployment in Atlantic County 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.

Brigantine NJ Homes for sale homes sold Atlantic County

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. 

Market Report - Homes for Sale - Brigantine, NJ - October 2013 

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Original content can be viewed at: http://www.atlanticcountyhomefinder.com/?p=118

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Comments (2)

Patrick White
Home Driven Realty, Inc - Baldwin, NY
Driven to bring New Yorkers home

Good Evening Bill and MaryAnn

 

Thanks for a comprehensive market report. Have a great day

Nov 18, 2013 08:46 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Bill & MaryAnn - Thank you for sharing an excellent blog about market report homes for sale Brigantine, New Jersey October 2013.

Nov 20, 2013 06:57 AM