55+ Adult Community Homes for Sale Galloway Township, NJ - June 2014
Adult Communities
Homes for Sale in the Galloway Township 55+ Adult Community Real Estate Market are showing little improvement for June 2014. June saw a 55.6% decrease in new listings coming on the market from June of 2013. 4 new 55+ adult community homes where introduced to the market.
The number of newly listed Galloway Township Adult Community homes for sale in the 12 month period ending June are down 16.1% over the previous 12 month period.
Sold properties in June where down 16.7% with only 5 sold adult community homes. This brings the current total of sold properties for the 12 month period to 41. A 32.8% decrease over the previous 12 month period.
Combined, the total number of newly listed Galloway Township NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 8.7 months. A 4.8% increase from 2013. This still denotes an Buyers Market, and it is an increase from 8.3 months last year.
Days on Market for June was 97 representing an decrease of 48.76% from last June. Average Days on Market for the running 12 month period is down 7.3% to 101 days. 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. Many are relocating out of state where housing costs are lower.
Median Sale Prices for this June were down 18.5% over last June. Because of the very low number of adult community homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With an average of just over 3 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 increased 2.4%. Good news for sellers.
It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township 55 + Adult Community Market will continue to gain some traction. Unemployment continues to remain the highest in the State 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. Adult community homes are less sensative to employment numbers because many occupants are retired.
Mortgage Rates also continue to gradually climb and at this writing are between 4 and 4 1/2 percent. As can be seen in the above graph, we appear to have more stability in the last year than in the previous two years.
With supply reduced, demand steady, and the fact that many adult community sales are not reliant on financing, the Median Sale prices may well have the ability to improve.
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55+ Adult Community Homes for Sale Galloway Township, NJ - June 2014
By Bill Wagner
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