Condos for Sale - Mays Landing, NJ - Market Trends - October 2013

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

Condos for Sale - Mays Landing, NJ - Market Trends -  October 2013

The Mays Landing Condominium Market is showing an improvement in the number of condos sold as we head into the fall season. October saw a 30% increase in new listings coming on the market over October of 2012. 13 new condos where introduced to the market. Which is three more listings than in October of 2012.

The number of new listings of Mays Landing Condos for Sale in the 12 month period ending October 31st is up 9.1% over the previous 12 month period.

Sold properties in October where up 500% with 12 sold condominium properties. This brings the current total of sold properties for the 12 month period to 93. This represents a 40.9% increase over the previous 12 month period.

Combined, the total number of new Condo listings for Sale in Mays Landing, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to drop by 38.2% to 6.3 months of supply. This denotes an Equalized Market and is a substantial improvement over the 10.2 months last year.

Average Days on Market is down 18.6% to just under 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 that is contributing to the decline in Days on Market is that Mays Landing Condo Short Sale properties are closing considerably faster than they were a year ago. Short Sales presently represent 20 to 30 percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiated properly, they are only taking 3 to 4 months average with some closing as fast as 5 to 6 weeks.

Condos for Sale Mays Landing NJ Condos Sold Market Trends Atlantic County

Median Sale Prices for this October are less encouraging as prices were down by 55.7% over October 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 an average of only 9 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 only 1.1%.

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligible for financing with less than 20% downpayment. Substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Mays Landing. A large percentage of purchases have been made by investors.

Condos for Sale Mays Landing NJ Condos Sold Market Trends Atlantic County

Median Sale prices overall for condos are very unlikely to gain any traction in the Mays Landing Market.

Unemployment continues to remain the highest in the State and higher than most areas of the country. 

Mortgage Rates declined slightly as of this this writing and are in the 4.5% range. 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.

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Condos for Sale - Mays Landing, NJ - Market Trends -  October 2013

By Bill Wagner

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