Homes for Sale Ventnor NJ Real Estate Market Trends October 2013

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

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.

Homes for Sale Ventnor NJ Homes Sold Real Estate Market Trends Atlantic County

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.

Homes for Sale Ventnor NJ Homes Sold Real Estate Market Trends Atlantic County

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

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Original content can be viewed at: http://www.atlanticcountyhomefinder.com/?p=195

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Comments (1)

Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

what a great way to showcase your local market with this report for buyers and sellers!

Dec 04, 2013 05:35 AM