Homes for Sale Galloway Township NJ Market Trends June 2014

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

Homes for Sale Galloway Township NJ Market Trends June 2014

Single Family

The Galloway Township Real Estate Market is showing little change this June. June saw no increase in the number of new listings coming on the market compared to June of 2013. 50 new single family homes where introduced to the market.

The number of Galloway Township single family homes for sale in the 12 month period ending June 30 is up 9.9% over the previous 12 month period.

Sold properties in June where up 25% with 25 sold single family properties. This brings the current total of sold properties for the 12 month period to 220. A .5% increase over the previous 12 month period.

Homes_for_Sale_Galloway_Township_NJ_08205_Single_Family_June_2014

Combined, the total number of newly listed Galloway Township NJ Homes for Sale and total inventory versus the number of properties being sold has increased the months supply of inventory to 15 months. A 21% increase from 2013. This still denotes a strong Buyers Market.

Average Days on Market in June was 10.4% to just over 3 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

There continues to be a significant percentage of Short Sale Homes for Sale in Galloway Township, NJ. They are however, closing considerably faster than they were a year ago. Short Sales presently represent 19+ percent of the market inventory. A year ago many were taking 6 to 9 months to close. This year, if negotiatiated 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 June were down 2% over June 2013.  It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township Market can stabilize.

Unemployment continues to remain the highest in the State at 10.3% for May and higher than most areas of the country. Unemployment in Atlantic County 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.

Mortgage Rates are also predicted to gradually climb 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.

Homes_for_Sale_Galloway_Township_NJ_08205_Graph_June_2014

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

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Homes for Sale Galloway Township NJ Market Trends June 2014

By Bill Wagner

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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
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Bill & MaryAnn - Thank you for the comprehensive report on homes for sale Galloway Township, New Jersey market trends June 2014.

Jul 25, 2014 09:20 AM #1
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Bill and MaryAnn Wagner

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