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

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

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

The Ventnor Real Estate Market for Condos is down in the number of condos sold as we head into the fall season. October was also down 34.6% in new listings coming on the market compared to October of 2012. 17 condos where introduced to the market. 9 fewer than October of 2012.

The number of new listings of Ventnor NJ Condos for Sale in the 12 month period ending October 31st is 17.8% over the previous 12 month period.

Sold properties in October were 25% from last October with only 6 sold condominium properties. This brings the current total of sold properties for the 12 month period to 59. This represents an 15.7% decrease over the previous 12 month period.

Combined, the total number of newly listed Condos for Sale in Ventnor, NJ  and total inventory versus the number of properties being sold, has decreased the months supply of inventory 6.6% to 22.6 months of supply. This still denotes an extremely strong Buyers Market,  but represents a decline from 24.2 months last year.

Average Days on Market for October is up 68.8% to 157 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 106, just over 3 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.

Another factor that is contributing to the overall 12 month decline is that there are considerably fewer Short Sale Condos for Sale in  Ventnor 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 Ventnor, NJ Condo Sold Real Estate Market Trends Atlantic County

Median Sale Prices for this October are up 7.4% over October 2012. The 12 month Median Sale Price is down by 22.7%. 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 6 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median Sale Price. 

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. 

Condos for Sale Ventnor, NJ Condo Sold Real Estate Market Trends Atlantic County

Median Sale prices for condos are very unlikely to gain any traction in the Ventnor 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 Ventnor NJ - Real Estate Market Trends - October 2013

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By Bill Wagner

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Comments (1)

Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Bill -- Buyers and sellers in Ventnor are lucky to have you explain the market so well.  YOu KNOW it which is why they need to contact you for guidance and expertise.

Dec 03, 2013 11:18 AM