55+ Adult Community Homes for Sale Little Egg Harbor NJ May 2014
Adult Communities
Homes for Sale in the Little Egg Harbor Township Adult Community Market are showing mixed results this May. May saw a 138.5% increase in new listings coming on the market over May of 2013. 31 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 May is up 1.4% over the previous 12 month period.
Sold properties in May where down 42.9% with only 4 sold adult community properties. This brings the current total of sold properties for the 12 month period to 142. A 31.5% 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 8.5 months. A 3.4% decrease from 2013. This denotes a Buyers 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. Over Seven Months is a Buyers Market.
Average Days on Market in May were down 82.5% to under one month. This should be viewed as a "blip" in the market. 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 26.1% to 122 days.
Median Sale Prices for this May were up 136.5% over the May 2013. 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 53.1%. 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 more 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.
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55+ Adult Community Homes for Sale Little Egg Harbor NJ May 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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