Galloway Township NJ Market Trends October 2014

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

Homes for Sale Galloway Township NJ Market Trends October 2014

Single Family

The Galloway Township Real Estate Market saw a further decline in October. October saw an 11.4% increase in the number of new listings coming on the market compared to October of 2013. 39 new single family homes where introduced to the market.

The number of Galloway Township single family homes for sale in the year to date period ending October is up 27.3% over the previous year to date period.

Sold properties in October where down 23.1%% with 20 sold single family properties. This brings the current total of sold properties for the year to date period to 175. A 17.1% decrease over the previous year to date period.

Galloway Township Single Family October 2014

Combined, the total number of newly listed Galloway Township NJ Homes for Sale and total inventory, versus the number of properties being sold, has increased the months supply of inventory to 17.9 months. A 51.7% increase from 2013. This denotes an extremely strong Buyers Market.

Average Days on Market in October was down 38.1% to 60 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. For the year to date running period, which provides a more reliable gauge, Days on Market have decreased 2.9% to 99 days.

There continues to be a significant percentage of Short Sale Homes for Sale in Galloway Township, NJ. They are however, closing considerably faster than they were a year ago. Short Sales presently represent 17.5 percent of the market inventory. 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 October were down 11.3% over October 2013.  Year to date the median sale price has declined 4.2% to $203,000. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township Market can stabilize.

 

55+ Adult Community Homes 

The number of newly listed Galloway Township Adult Community homes for sale in October were up 100% over October 2013. 6 new listings where introduced to the market in October. Year to date the number of new listings is down 6.2%.

Sold properties in October where up 400% over last October with only 5 sold adult community homes. This brings the current total of sold properties year to date to 35. A 25.5% decrease from the prior year to date 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 10.2 months. An 18.6% increase from 2013. This denotes a Buyer's Market, and it is an increase from 8.6 months last year.

Galloway 55+ Adult Community Homes for Sale 

Days on Market for October was 29.  Average Days on Market year to date is up 17% to 110 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 in a single month. 

Median Sale Prices for this October were up 9.4%% over last October to $175,000. Last year does not provide a valid gauge for comparison as there was only one property sold last October. 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. For the year to date period, which provides a more reliable gauge, Median Sale Prices have decreased 11.9%. 

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. 

 

Condos 

The Galloway Township Condominium Market is down in the number of condos sold this October. October saw a 33.3% increase in new listings coming on the market over October 2013. 16 new condos where introduced to the market. Which is 4 more listings than in October of 2013.

The number of new condo listings of Galloway Township Condos for Sale year to date is up 21.8% over the previous year to date period.

Sold properties in October were down 50% from last October with 5 sold condominium properties. This brings the current total of sold properties year to date to 62. This represents a 23.5% decrease from last year to date.

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 54.4% to 15.6 months of supply. This denotes a very strong Buyer's Market and is significantly worse than 10.1 months last year.

Galloway Township Condos for Sale October 2014

Average Days on Market is up 65.8% to 126 days.  Year to date Days on Market is at 98. Roughly 3 1/2 months. The Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

A large percentage of listings are Short Sale Condos for Sale in Galloway Township, NJ. Short Sales Condos currently represent 35% 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 October were up 9.5% from October 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 of 6 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Year to date, which provides a more reliable gauge, Median Sale Prices have decreased 2% to $68,500.

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% down payment. 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.

Galloway Township Homes for Sale Graph October 2014

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

With supply remaining high, and growing, demand light, and the possibility of increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages. 

Overall

The closing of 4 casinos, and the possibility of a fifth, has had a major affect on market prices. Unemployment continues to increase to the highest level 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 sensitive to employment numbers because many occupants are retired. 

Mortgage Rates are also predicted to gradually climb and at this writing are in the 4 to 4.5% range. As can be seen in the below graph, we continue to stay in the same side ways price channel we've been in for the last three years.

 

 

Search Galloway Township Homes for Sale

Homes for Sale Galloway Township NJ Market Trends September 2014

By Bill Wagner

609-432-8005 cell

Google

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 (Mays 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 Wagner Real Estate Group

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

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
New Jersey Atlantic County Galloway Township
Tags:
homes for sale
homes sold
nj
galloway
galloway township
08205

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

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

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

Rainmaker
397,129

Bill and MaryAnn Wagner

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

Additional Information