Condos for Sale Somers Point, NJ - Real Estate Market Trends - May 2014
The Somers Point Real Estate Market for Condos is flat in the number of condos sold as we head into the summer season. May was up in new listings coming on the market compared to May of 2013. 10 new condos where introduced to the market. Which is 4 more than in May of 2013.
The number of newly listed Condos for Sale in Somers Point NJ in the 12 month period ending May 31st is 26.5% over the previous 12 month period.
Sold properties in May were even last May with 3 sold condominium properties. This brings the current total of sold properties for the 12 month period to 34. This represents an 41.7% increase over the previous 12 month period.
Combined, the total number of new Condo listings for Sale in Somers Point NJ and total inventory versus the number of properties being sold, has increased the months supply of inventory 6.5% to 17.6 months of supply. This still denotes a strong Buyers Market but and is one month more than last year.
Average Days on Market for May is up 40.1% to 234 days. Considering the low number of sales, 1 or two transactions with quick cash closings can dramatically shift the Days on Market in a given month. The Days on Market for the 12 month period is 124, just over 4 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.
There are currently only 2 Short Sale Condos for Sale in Somers Point, NJ.
Median Sale Prices for this May are down 31.3% over May 2013. The 12 month Median Sale Price is up by 34.9%. 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 about 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
Median Sale prices for condos have been erratic in the Somers Point Market as can be seen in the above chart.
Unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates are fairly stable and at this writing and are floating in the 4 to 4.5% range.
Condos for Sale Somers Point NJ - Real Estate Market Trends - May 2014
By Bill Wagner
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