Condos for Sale Margate, NJ - Real Estate Market Trends - October 2013

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

Condos for Sale Margate, NJ - Real Estate Market Trends - October 2013

The Margate Real Estate Market for Condos is flat in the number of condos sold as we head into the fall season. October was even in new listings coming on the market with October of 2012. 19 condos where introduced to the market. Which is the same as in October of 2012.

The number of new listings of Margate 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 even with last October with only 6 sold condominium properties. This brings the current total of sold properties for the 12 month period to 236. This represents an 8% decrease over the previous 12 month period.

Combined, the total number of new Condo listings for Sale in Margate NJ  and total inventory versus the number of properties being sold, has increased the months supply of inventory 47.4% to 23 months of supply. This still denotes an extremely strong Buyers Market and represents increase 47.4% over last year.

Average Days on Market for October is up 32.7% to 146 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 125, 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.

Another factor that is contributing to the overall 12 month decline is that there are considerably fewer Short Sale properties in  Margate and they 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 negotiated properly they are only taking 3 to 4 months average with some closing as fast as 5 to 6 weeks.

Condos for Sale Margate NJ Condos Sold Market Trends Atlantic Couuty

Median Sale Prices for this October are down 53.2% over October 2012. The 12 month Median Sale Price is up by 2.3%. 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 about 8 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. 

Condos for Sale Margate NJ Condos Sold Real Estate Trends Atlantic County

Median Sale prices for condos are very unlikely to gain any traction in the Margate Market as can be seen in the above chart.

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

Mortgage Rates are fairly stable and at this writing and are floating in the 4 to 4.5% range. 

Condos for Sale Margate NJ - Real Estate Market Trends - October 2013

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By Bill Wagner

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Original content can be viewed at: http://www.atlanticcountyhomefinder.com/?p=176 
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Comments (2)

Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Bill, it is so important to let your readers  know that short sales are a contributing factor to the decline in prices year-over-year. However, the increase since the first of the year is encouraging.

Nov 29, 2013 12:42 PM
Bill and MaryAnn Wagner
Wagner Real Estate Group - Ocean City, NJ
Jersey Shore and South Jersey Real Estate
Thanks Sharon.
Nov 29, 2013 10:02 PM