Market Trends - Homes for Sale - Mays Landing, NJ - October 2014

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

Market Trends - Homes for Sale - Mays Landing, NJ - October 2014

The Mays Landing Real Estate Market is showing little to no improvement this October.

Single Family

October saw a 16.7% increase in new listings coming on the market over October of 2013. 28 new single family homes where introduced to the market.

The number of Mays Landing single family homes for sale year to date period ending October is up 25.3% over the same period last year. A total of 352 single family homes have been listed year to date.

The number of sold properties, in October, where up 12.5%. There were only 9 sold single family properties. This brings the current total of sold properties for the year to date period to 126. A 7.4% decrease from the 2013 year to date period.

Combined, the total number of newly listed Mays Landing NJ Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 15.2 months. This denotes an extremely strong Buyers Market.

Mays Landing Single Family Homes for Sale Market Trends October 2014

Average Days on Market is up 27.8% for October to about 3 months. The running total for the year to date period is just over 3 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

Another factor that is contributing to the decline is that Short Sale properties are closing considerably faster than they were a year ago. Short Sales presently represent 14.2 percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiated properly they are only taking 3 to 4 months average with some closing as fast as 5 to 6 weeks.   

Median Sale Prices for this October are up 4.9% compared to October 2013. The year to date Median Sale Price is down 2.3%. Median Sale prices are very unlikely to gain any traction in the Hamilton Township/Mays Landing Market. Unemployment continues to remain the highest in the State and higher than most areas of the country. 

55+ Adult Community Homes 

The number of newly listed Mays Landing Adult Community homes for sale in October were up 40% over October 2013. 7 new listings where introduced to the market in October. Year to date the number of new listings is down 8.9%.

Sold properties in October where down 40% from October 2013 with only 3 sold adult community homes. This brings the current total of sold properties year to date to 39. An 18.8% decrease from the prior year to date period.

Combined, the total number of newly listed Mays Landing NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 9 months. A 16.9% increase from 2013. This denotes a Buyer's Market.

Mays Landing 55+ Adult Community Homes for Sale Market Trends October 2014 

Days on Market for October was 130 representing an increase of 41.3% from last October. Average Days on Market year to date is down 47.9% to 89 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 down 29% over last October to $110,000. 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 4 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 increased 13.3%. 

It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Mays Landing 55 + Adult Community Market will able to gain any traction. 

 

Condos for Sale - Mays Landing, NJ - Market Trends

The Mays Landing Condominium Market is showing no improvement in the number of condos sold this October. October saw a 7.7% decrease in new listings coming on the market over October of 2013. 12 new condos where introduced to the market. 

The number of new listings of Mays Landing Condos for Sale in the year to date period ending October are down 12.9% over the previous year to date period.

Sold properties in October where down 83.3% with only 2 sold condominiums. This brings the current total of sold properties for the year to date period to 46. This represents a 41% decrease over the same 2013 period.

Combined, the total number of new Condo listings for Sale in Mays Landing, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 108.3% to 15 months of supply. This denotes a very strong buyer's market.

Mays Landing Condos for Sale Market Trends October 2014

Average Days on Market for October is up 47.4% to just under three months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. Days on Market for the year to date period is up 10.8% to 92 days. 

Median Sale Prices for this October were up by 108.8% over October 2013. The number cannot be relied upon as there were only 2 sold condos. 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 only 5 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 are up 13.3%.

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligible 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 Mays Landing. A large percentage of purchases have been made by investors.

Median Sale prices overall for condos are very unlikely to gain much traction in the Mays Landing Market.

Unemployment continues to remain the highest in the State and higher than most areas of the country. 

Mortgage Rates 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.

Homes for Sale Mays Landing NJ Market Trends

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

If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience. 

By Bill Wagner

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