Homes for Sale Margate NJ Market Trends October 2013
Homes for Sale in the Margate Real Estate Market are showing mixed conditions as we head into the fall season. October saw a 15.6% increase in new listings coming on the market over October of 2012. 37 newly listed single family homes where introduced to the market.
The number of newly listed Margate single family homes for sale in the 12 month period ending October 31st is up 7.6% over the previous 12 month period.
Sold properties in October where 75% with 21 sold single family properties. This brings the current total of sold properties for the 12 month period to 157. This represents a 10.3% decrease over the previous 12 month period.
Combined, the total number of new listings of Margate NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 14.3 months. This denotes an extremely strong Buyers Market.
Average Days on Market is down 34.7% to just over 2 1/2 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 aggressively in order to get them sold. Many are relocating out of state where housing costs are lower.
Median Sale Prices for this October were down 53.1% over October 2012 and hit the lowest level since June of 2011. The 12 month Median Sale Price is up 8.5%. Some of the decrease in Median Sale Prices can be attributed to the fact that many of the properties that were damaged in Hurricane Sandy, are selling at prices well below what they might have sold had that event not taken place. It should be interesting to watch the Margate Market over the next several months.
Unemployment in Atlantic County continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates have receded and, at this writing, are in the 4 to 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.
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.
Market Report - Homes for Sale - Margate, NJ - October 2013
By Bill Wagner
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