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.
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.
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
By Bill Wagner
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