Condos for Sale Somers Point, NJ - Real Estate Market Trends - October 2013
The Somers Point Real Estate Market for Condos is up in the number of condos sold as we head into the fall season. October was down in new listings coming on the market compared to October of 2012. 4 new condos where introduced to the market. Which is 3 less than in October of 2012.
The number of newly listed Condos for Sale in Somers Point NJ in the 12 month period ending October 31st is 19.3% over the previous 12 month period.
Sold properties in October were up 250% over last October with 7 sold condominium properties. This brings the current total of sold properties for the 12 month period to 35. This represents an 20.7% increase over the previous 12 month period.
Combined, the total number of new Condo listings for Sale in Somers Point NJ and total inventory versus the number of properties being sold, has decreased the months supply of inventory 18.1% to 11.3 months of supply. This still denotes a strong Buyers Market but 2.5 months less than last year.
Average Days on Market for October is 6.1% to 186 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 156, just over 5 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.
There are currently no Short Sale Condos for Sale in Somers Point, NJ.
Median Sale Prices for this October are down 6.7% over October 2012. The 12 month Median Sale Price is up by 31.1%. 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 3 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 seem to have gained some traction in the Somers Point 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 Somers Point NJ - Real Estate Market Trends - October 2013
By Bill Wagner
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