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.
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Condos for Sale Galloway Township, NJ - Market Trends - June 2014
By Bill Wagner
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