Real Estate Report - Homes for Sale Little Egg Harbor, NJ October 2013
Single Family
The Little Egg Harbor Township Real Estate Market is showing significant improvement with the exception of Median Sale Prices as we head into the fall season. October saw a 46.8% increase in new listings coming on the market over October of 2012. 69 new single family homes where introduced to the market.
The number of Little Egg Harbor NJ homes for sale in the 12 month period ending October 30th is up 21.6% over the previous 12 month period.
Sold properties in October where also up 4.8% with 22 sold single family properties. This brings the current total of sold properties for the 12 month period to 308. A 30.5% 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 14.9 months a 13.9% drop from last year. This still denotes an extremely strong Buyers Market.
Average Days on Market for October is down 71% to just over 2 months and dow 36.9% 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. 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. Additionally, many of the storm damaged properties are selling for cash which affords a very fast closing.
Median Sale Prices for this October are down a dramatic 46.3% from October 2012. The 12 month Median Sale Price is 13.9%. 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 see a slow decline in Median Sale Prices as a result of storm damaged properties coming to market.
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=137
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