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

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

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

The Brigantine Real Estate Market for Condos is showing decline in the number of condos sold as we head into the fall season. October saw a 9.1% decline in new listings coming on the market over October of 2012. 20 condos where introduced to the market. Which is two less listings that in October of 2012.

The number of new listings of Brigantine NJ Condos for Sale in the 12 month period ending October 31st is 1.5% over the previous 12 month period.

Sold properties in October were down a dramatic 54.5% with only 5 sold condominium properties. This brings the current total of sold properties for the 12 month period to 89. This represents a 6.3% decrease over the previous 12 month period.

Combined, the total number of new Condo listings for Sale in Brigantine NJ  and total inventory versus the number of properties being sold has increased the months supply of inventory to increase 6.9% to 24.9% months of supply. This still denotes an extremely strong Buyers Market and represents increase from  over the 23.3 months last year.

Average Days on Market for October is down 85.7% to 42 days. Considering the low number of sales, 1 or two transactions with quick cash closings can dramatically shift the Days on Market in a given month. The Days on Market for the 12 month period is 127, 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 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.  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.

Real Estate Market Report Brigantine NJ Condos for Sale Condos Sold

Median Sale Prices for this October are down by 11.7%% over September 2012. The 12 month Median Sale Price is up by 3.2%. 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 less than 9 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. 

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.

Real Estate Market Report Brigantine NJ Condos for Sale Condos Sold Atlantic County NJ

Median Sale prices for condos are very unlikely to gain any traction in the Brigantine 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.

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

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By Bill Wagner

609-432-8005 cell

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Comments (1)

Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

This looks to be a wonderful market report to share with your local area buyers and sellers!

Nov 19, 2013 08:42 AM