Homes for Sale Atlantic City, NJ - Market Trends October 2014

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

Homes for Sale Atlantic City, NJ - Real Estate Market Trends October 2014

Single Family

The Atlantic City Real Estate Market is showing no improvement for October. October saw a 23.7% decrease in new listings coming on the market over October of 2013. 29 new single family homes where introduced to the market.

The number of newly listed Atlantic City single family homes for sale in the year to date period ending October is up 19.2% over 2013.

Sold properties in October where down 50% with only 5 sold single family properties. This brings the current total of sold properties for the 12 month period to 99. This is a 30.3% improvement over the same period in 2013.

Combined, the total number of new listings of Atlantic City NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 28.5 months. This denotes an extremely strong Buyers Market.

Homes for Sale Atlantic City NJ Homes Sold Real Estate Market Trends

Average Days on Market where effectively the same as last October and the Days on Market for the year to date period have increased to 158. 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. 

Median Sale Prices for this October were up 116.3% over October 2013. The year to date Median Sale Price is up 6.7%. It should be interesting to watch the Atlantic City Market over the next several months. Increased unemployment and increased property taxes are likely to have a negative effect on the market prices.

 

Condos for Sale Brigantine

The Atlantic City Real Estate Market for Condos is showing no price improvement in October. October saw a 16.7% increase in new listings coming on the market over October of 2013. 56 condos where introduced to the market. Which is 8 more listings than in October of 2013.

The number of new listings of Atlantic City NJ Condos for Sale in the year to date period ending October is 18.8% over the 2013 year to date period.

Sold properties in October were down 9.1% with 10 sold condominium properties. This brings the current total of sold properties for the year to date period to 106. This represents an 8.6% decrease over the same period lat year.

Combined, the total number of new Condo listings for Sale in Atlantic City NJ  and total inventory versus the number of properties being sold has increased the months supply of inventory to 37.1 months. An 18.5% increase over the 2013 period. This still denotes an extremely strong Buyers Market and represents increase from 31.3 months last year.

Condos for Sale Atlantic City NJ, Condos Sold Real Estate Market Trends

Average Days on Market for October is up 28.8% to 179 days. Considering the low number of sales, 1 or two transactions with quick cash closings can dramatically shift the Days on Market in a given month. The Days on Market for the year to date period is 145, just under 5 months. 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 agressively in order to get them sold. 

Median Sale Prices for this October were down 52.1% over October 2013. The year to date Median Sale Price is down 20.9%. 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 just over 10 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. 

Atlantic City Homes for Sale Graph

Median Sale prices for condos are very unlikely to gain any traction in the Atlantic City 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. Mortgage rate are predicted to rise in 2015. When interest rates increase, buyers qualify for lower mortgages. 

 

Overall

The closing of 4 casinos, 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.

Mortgage Rates remain relatively steady and at this writing are between the 4% and 4.5% mark.

As can be seen in the above graph, we continue to stay in the same side ways price channel.

 

Homes for Sale Atlantic City, NJ - Real Estate Market Trends October 2014

 

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