Homes for Sale Brigantine, NJ Real Estate Trends May 2014

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

Homes for Sale Brigantine, NJ Real Estate Trends May 2014

Single Family

The Brigantine Real Estate Market is showing little to no improvement in May. May saw a 3.7% decrease in new listings coming on the market over May of 2013. 52 new single family homes where introduced to the market.

The number of newly listed Brigantine single family homes for sale (526) in the 12 month period ending May 31st is up 34.5% over the previous 12 month period. 

Sold properties in May where down 11.1% with only 16 sold single family properties. This brings the current total of sold properties for the 12 month period to 143. This is exactly the same number sold in the previous 12 month period.

Combined, the total number of new listings of Brigantine NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 27.5 months. This denotes an extremely strong Buyers Market.

Average Days on Market is even with last May at 3 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.

Brigantine_Single_Familly_Market_Report_May_2014

Median Sale Prices for this May were down 15.9% over May 2013. The 12 month Median Sale Price is down 6.7%. It should be interesting to watch the Brigantine Market over the next several months.

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

Mortgage Rates also continue to gradually climb and at this writing have reached the 5% mark. 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.

Brigantine_Market_Report_Graph_May_2014

With supply remaining high, demand light, and increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages. 

Market Report - Homes for Sale - Brigantine, NJ - May 2014 

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Original content can be viewed at: http://www.atlanticcountyhomefinder.com/?p=118

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Bill Wagner

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