55+ Adult Community Homes for Sale Little Egg Harbor NJ November 2013
Adult Communities
Homes for Sale in the Little Egg Harbor Township Adult Community Market are showing mixed results this fall season. November saw a 69.2% drop in new listings coming on the market over November of 2012. 4 new adult community homes where introduced to the market.
The number of newly listed Homes for Sale in Little Egg Harbor Township Adult Communities in the 12 month period ending November is down 5.8% over the previous 12 month period.
Sold properties in November where down 52.9% with 8 sold adult community properties. This brings the current total of sold properties for the 12 month period to 138. A 43.8% increase over the previous 12 month period.
Combined, the total number of newly listed Little Egg Harbor Township NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to drop to 6.2 months. A dramatic 50.8% decrease from 2012. This denotes a shift into what is normally defined as a Neutral Market. When the Months Supply of Inventory falls between 5 Months and Seven Months the market is considered to afford Buyers nor Sellers an advantage. This is a significant improvement from 12.6 Months Supply last year.
Average Days on Market in November were down 51.3% to just over 1 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.
Average Days on Market for the running 12 month period is down 26.7% to 132 days.
Median Sale Prices for this November were up 58.8% over the November 2012. Because of the very low number of adult community homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With an average of only 12 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Over a 12 month running period, which provides a more reliable gauge, Median Sale Prices have increased 24.7%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Little Egg Harbor Township Adult Community Market will continue to gain some traction.
Unemployment continues to remain high in Little Egg Harbor Township. Unemployment is the biggest detriment to prices we face. If prospective buyers do not have decent paying, full time jobs, they do not qualify to purchase. The result is a much smaller pool of buyers and reduced demand. Adult community homes are less sensative to employment numbers because many occupants are retired. They are, however, subject to the trickle down effect. If prospective buyers for adult communities cannot sell their present home, they normally are not going to purchase.
Mortgage Rates also continue to gradually climb and at this writing 4 and 4 1/2%.
As is evidenced by the above graph, Median Sale Prices continue to be irratic with little predictable stabilty.
With supply reduced, demand slightly improved, and the fact that many adult community sales are not reliant on financing, the Median Sale prices may well have the ability to improve.
Search Little Egg Harbor Township Adult Community Homes for Sale
55+ Adult Community Homes for Sale Little Egg Harbor NJ November 2013
By Bill Wagner
609-432-8005 cell
If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.
Search All Homes for Sale in Little Egg Harbor Township
Search All Waterfront Homes for Sale in Little Egg Harbor and Mystic Islands
Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2013 Bill Wagner All Rights Reserved - Originally Posted at: Atlantic County Home Finder Blog - Wagner Real Estate Group
Comments(2)