Condos for Sale Galloway Township, NJ - Market Trends - March 2014

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

Condos for Sale Galloway Township, NJ - Market Trends - March 2014

The Galloway Township Condominium Market is showing signs of retraction in the number of condos sold this March. March saw a 66.7% increase in new listings coming on the market over March 2013. 20 new condos where introduced to the market. Which is eight more listings than in March of 2013.

The number of new listings of Galloway Township Condos for Sale in the 12 month period ending March 31st, 2014 is up 12.3% over the previous 12 month period.

Sold properties in March where down 44.4% with 5 sold condominium properties. This brings the current total of sold properties for the 12 month period to 83. This represents a 1.2% decrease over the previous 12 month period.

Combined, the total number of new Condo listings for Sale in Galloway Township, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to drop by 12.6% to 10.4 months of supply. This still denotes a Buyers Market but it is an improvement over the 11.9 months last year.

Condos for Sale Galloway Township NJ Condos Sold Market Trends

Average Days on Market is up 33.8% to just under 3 1/2 months.  The Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. This is an increase from 77 days last year

A large percentage of listings are Short Sale Condos for Sale in Galloway Township, NJ. Short Sales presently represent over 31% percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiated properly they are only taking 3 to 6 months average with some closing as fast as 5 to 6 weeks.

Median Sale Prices for this March were down 9.3% over March 2013. 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 an average of 9 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 dropped 9.1%.

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligble for financing with less than 20% downpayment. Substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Galloway Township. A large percentage of purchases have been made by investors.

Condos for Sale Galloway Township NJ Condos Sold Market Trends

Median Sale prices overall for condos are very unlikely to gain any traction in the Galloway Township Market.

Unemployment continues to remain the highest in the State and higher than most areas of the country. 

Mortgage Rates projected to gradually climb and at this writing in the 4 to 4.5% range. As can be seen in the above graph, we continue to stay in the same side ways price channel, with a gradual decline, we've been in for the last three years.

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Condos for Sale Galloway Township, NJ - Market Trends - March 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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