Homes for Sale Little Egg Harbor, NJ Market Trends July 2014
Single Family
The Little Egg Harbor Township Real Estate Market is showing significant improvement over last year. July saw a 42.6% increase in new listings coming on the market over July of 2013. 87 new single family homes where introduced to the market.
The number of Little Egg Harbor NJ homes for sale in the 12 month period ending July is up 1.6% over the previous 12 month period.
Sold properties in July where also up 15.4% with 30 sold single family properties. This brings the current total of sold properties for the 12 month period to 223. A 21.9% increase over the previous 12 month period.
Combined, the total number of newly listed Little Egg Harbor Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to decrease to 11.6 months a 28.8% drop from last year. This still denotes an extremely strong Buyers Market.
Average Days on Market for July is up 39.3% to just over 4 months months, 15% for the running 12 month period to 123 days.
Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 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 July are up 16.1% from July 2013. The 12 month Median Sale Price is 3.8%. It's important to realize that the Median Sale prices are being affected by the sale of storm damaged properties that are being sold in "As Is" condition at substantially discounted prices. Median Sale prices are slowly gaining traction as properties are being repaired and sell at higher prices. The Little Egg Harbor Market should continue to experience a gradual increase in prices.
38% of the properties for sale are waterfront properties in Little Egg Harbor. There continue to be fewer and fewer distressed properties coming on the market and thus the median prices should continue to rise.
Mortgage Rates also continue to be reasonable and at this writing have reached the 4% to 4.5% mark. As can be seen in the below graph, we continue to see Median Sale Prices float in a sideways channel as a result of storm damaged properties coming to market.
With supply remaining high, demand light, and the outlook toward increasing interest rates, the Median Sale prices will have difficulty rising quickly. When interest rates increase, buyers qualify for lower mortgages.
We also have the issue of flood insurance rates for waterfront properties. Many properties that are not above the new base flood elevation levels will be subject to continuing, yearly rate increases. This will result in decreasing values for properties that fall into this category.
Real Estate Trends - Homes for Sale Little Egg Harbor, NJ
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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