Homes for Sale Galloway Township NJ Market Trends January 2014
Single Family
The Galloway Township Real Estate Market is showing little to no improvement as we start the new year. January saw 36.4% fewer new listings come on the market as compared to January of 2013. 35 new single family homes where introduced to the market.
The number of Galloway Township single family homes for sale in the 12 month period ending January 31st is down a slight 1.5% over the previous 12 month period.
Sold properties in January where down 28.6% with only 10 sold single family properties. This brings the current total of sold properties for the 12 month period to 235. A 10.3% increase over the previous 12 month period.
Combined, the total number of newly listed Galloway Township NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to drop to 10.7 months. A 2.7% decrease from 2013. This still denotes an strong Buyers Market, but it is an improvement.
Average Days on Market in January were up 17.6% to just under 3 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 decline is that Short Sale Homes for Sale in Galloway Township, NJ are closing considerably faster than they were a year ago. Short Sales presently represent 20+ percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiatiated properly they are only taking 3 to 4 months average with some closing as fast as 5 to 6 weeks.
Median Sale Prices for this January were down .5% over the January 2013. The 12 month Median Sale Price is flat with last year. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township Market will be able to gain some traction during 2014.
Unemployment continues to remain the highest in the State and higher than most areas of the country. Unemployment in Atlantic County 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.
Mortgage Rates are also predicted to gradually climb 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 the likelihood of increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages.
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Homes for Sale Galloway Township NJ Market Trends January 2014
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2014 Bill Wagner All Rights Reserved - Originally Posted at: Atlantic County Home Finder Blog - Wagner Real Estate Group
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