Homes for Sale Ventnor NJ Real Estate Market Trends October 2013
Single Family
Homes for Sale in the Ventnor NJ Real Estate Market are showing mixed conditions as we head into the fall season. October saw an 8.7% increase in new listings coming on the market over October of 2012. 25 newly listed single family homes where introduced to the market.
The number of newly listed Ventnor single family homes for sale in the 12 month period ending October 31st is up 20.9% over the previous 12 month period.
Sold properties in October where up 50% with 9 sold single family properties. This brings the current total of sold properties for the 12 month period to 86. This represents a 24.6% decrease over the previous 12 month period.
Combined, the total number of new listings of Ventnor NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 26.8 months. This denotes an extremely strong Buyers Market.
Average Days on Market is down 60.5% 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.
Additionally, the number of Short Sale Homes for Sale in Ventnor, NJ has declined to about 7% of the total inventory.
Median Sale Prices for this October were down 21.3% over October 2012. The 12 month Median Sale Price is up only 1%. 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 Ventnor 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 little chance of gaining any traction in the immediate future. If interest rates begin increase, it will place more downward pressure on prices as buyers qualify for lower mortgages.
Homes for Sale Ventnor NJ Real Estate Market Trends October 2013
Search Homes for Sale in Ventnor, NJ
By Bill Wagner
If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.
Search available properties in specific communities:
Absecon Atlantic City Ventnor Buena Buena Vista Corbin City Egg Harbor City Egg Harbor Township Estell Manor Folsom Galloway Township Hamilton Township (Mays Landing) Hammonton Linwood Ventnor Mullica Township Northfield Ocean City Pleasantville Port Republic Somers Point Upper Township Ventnor Weymouth Township
Original content can be viewed at: http://www.atlanticcountyhomefinder.com/?p=195
Comments (1)Subscribe to CommentsComment