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Homes for Sale Ventnor NJ Real Estate Market Trends May 2014

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

Homes for Sale Ventnor NJ Real Estate Market Trends May 2014

Single Family

Homes for Sale in the Ventnor NJ Real Estate Market are showing mixed conditions as we head into the summer season. May saw a 22% decrease in new listings coming on the market over May of 2013. 32 newly listed single family homes where introduced to the market.

The number of newly listed Ventnor single family homes for sale in the 12 month period ending May 31st is up 28% over the previous 12 month period.

Sold properties in May where down 25% with 6 sold single family properties. This brings the current total of sold properties for the 12 month period to 91. This represents a 14.2% decrease over the previous 12 month period.

Combined, the total number of new listings of Ventnor NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 25.8 months. This denotes an extremely strong Buyers Market.

Ventnor_Single_Family_Market_Report_May_2014

Average Days on Market is up 37.8% to almost 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. 

Median Sale Prices for this May were up 75.3% over May 2013. The 12 month Median Sale Price is up only 1.9%. 

Because of the very low number of homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With less than 8 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. 

It should be interesting to watch the Ventnor 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. Casino closings will place more pressure on the economy and home prices as unemployment increases.

Mortgage Rates are steady 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.

Ventnor_Market_Report_Graph_May_2014

With supply remaining high, demand light, and increasing unemployment rates, the Median Sale prices will have little chance of gaining any traction in the immediate future. If interest rates begin increase, it will place more downward pressure on prices as buyers qualify for lower mortgages. 

Homes for Sale Ventnor NJ Real Estate Market Trends May 2014

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