55+ Adult Community Homes for Sale Galloway Township, NJ - July 2014
Adult Communities
Homes for Sale in the Galloway Township 55+ Adult Community Real Estate Market are showing little improvement for July 2014. July saw a 14.3% increase in new listings coming on the market from July of 2013. 8 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 July are down 27.9% over the previous 12 month period.
Sold properties in July where down 40% with only 3 sold adult community homes. This brings the current total of sold properties for the 12 month period to 20. A 41.2% 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 6.9 months. A 12.7% decrease from 2013. This still denotes an even, and it is a decrease from 7.9 months last year.
Days on Market for July was 111 representing an increase of 141.3% from last July. 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. With a low number of sold properties, a very quick sale, or an incorrectly reported sale, can cause a large deflection in the Days on Market. Over a 12 month running period, which provides a more reliable gauge, Average Days on Market have increased 17.1% to 123 days.
Median Sale Prices for this July were down 22.9% over last July. 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 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 decreased 12.6%.
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 able to gain any 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 a little more stability in the last year than in the previous two years.
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55+ Adult Community Homes for Sale Galloway Township, NJ - July 2014
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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