Condos for Sale Galloway Township, NJ - Market Trends - June 2014

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

Condos for Sale Galloway Township, NJ - Market Trends - June 2014

The Galloway Township Condominium Market is down in the number of condos sold this June. June saw a 5.6% increase in new listings coming on the market over June 2013. 19 new condos where introduced to the market. Which is one more listings than in June of 2013.

The number of new listings of Galloway Township Condos for Sale in the 12 month period ending June of 2014 is up 10.3% over the previous 12 month period.

Sold properties in June where down dramatically from last June with 4 sold condominium properties. This brings the current total of sold properties for the 12 month period to 78. This represents a 14.3% decrease from the previous 12 month period.

Combined, the total number of new Condo listings for Sale in Galloway Township, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 49.5% to 15.1 months of supply. This still denotes a Buyers Market and is significantly worse than 10.1 months last year.


Average Days on Market is up 1.7% to just under 4 months.  The Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. This is pretty much the same as 104 days last year

A large percentage of listings are Short Sale Condos for Sale in Galloway Township, NJ. Short Sales Condos currently represent over 32.5% percent of the market listings. A year ago many were taking 6 to 9 months to close. This year, if negotiated 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 27.3% from June 2013. 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 an average less than 7 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 decreased 1.5%.

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligble for financing with less than 20% downpayment. Substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Galloway Township. A large percentage of purchases have been made by investors.


Median Sale prices overall for condos are very unlikely to gain any traction in the Galloway Township Market.

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

Mortgage Rates projected to gradually climb and at this writing in the 4 to 4.5% range. As can be seen in the above graph, we continue to stay in the same side ways price channel, with a gradual decline, we've been in for the last three years.

Search All Galloway Township Condos for Sale

Condos for Sale Galloway Township, NJ - Market Trends - June 2014

By Bill Wagner


If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience.

Search available properties in specific communities:

All of Atlantic County

Absecon Atlantic City Brigantine Buena Buena Vista Corbin City Egg Harbor City Egg Harbor Township Estell Manor Folsom Galloway Township Hamilton Township (Junes Landing) Hammonton Linwood Margate Mullica Township Northfield Ocean City Pleasantville Port Republic Somers Point Upper Township Ventnor Weymouth Township 


Content written and published by Bill Wagner - Wagner Real Estate Group

Copyright 2014 Bill Wagner All Rights Reserved

Posted by




Wagner Real Estate Group Logo

Bill Wagner

Wagner Real Estate Group

609-432-8005 cell

Connect with Bill on these other sites

Facebook icon   Google plus icon   Twitter Icon      Foursquare icon

Connect with Wagner Real Estate Group on these other sites 

 Facebook icon 1   Google plus icon 1   Twitter icon 1   LinkedIn icon 1   

Search for Homes in Atlantic and Cape May Counties

Top Contributor



This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Real Estate Market Trends
New Jersey Atlantic County Galloway Township
homes for sale
homes sold
galloway township
real estate trends

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Bill and MaryAnn Wagner

Jersey Shore and South Jersey Real Estate
Want to know more about Real Estate in South Jersey?

Additional Information