Market Trends - Homes for Sale - Mays Landing, NJ - November 2014
The Mays Landing Real Estate Market is showing little to no improvement this November.
Single Family
November saw a 43.8% increase in new listings coming on the market over November of 2013. 23 new single family homes where introduced to the market.
The number of Mays Landing single family homes for sale for the year to date period ending November is up 26.7% over the same period last year. A total of 375 single family homes have been listed year to date.
The number of sold properties, in November, where down 27.8%. There were only 13 sold single family properties. This brings the current total of sold properties for the year to date period to 142. A 7.8% 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 13.6 months. This denotes an extremely strong Buyers Market.
Average Days on Market is up 28.6% for November to 3 months. The running total for the year to date period is just over 3 months at 97 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Short Sales presently represent 16.4 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 November were down 8.5% compared to November 2013. The year to date Median Sale Price is down 1.9%. 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 November were up 100% over November 2013. 6 new listings where introduced to the market in November. Year to date the number of new listings is down 6.1%.
Sold properties in November where down 66.7% from November 2013 with only 2 sold adult community homes. This brings the current total of sold properties year to date to 42. A 22.2% 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. An 11.1% increase from 2013. This denotes a Buyer's Market.
Days on Market for November was 106 representing an increase of 16.5% from last November. Average Days on Market year to date is down 43.1% to 91 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 November were down 13.8% over last November to $81,000. 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 8 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 11% to $99,900.
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 begin 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 November. November saw an 11.1% decrease in new listings coming on the market over November of 2013. 8 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 November are down 12.8% over the previous year to date period.
Sold properties in November where down 60% with only 2 sold condominiums. This brings the current total of sold properties for the year to date period to 50. This represents a 43.2% 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 79.7% to 13.3 months of supply. This denotes a very strong buyer's market.
Average Days on Market for November was down 78.7% to 16 days. 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 9.6% to 91 days.
Median Sale Prices for this November were 53.9% over November 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 less than 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 11.4%.
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.
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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Content written and published by Bill Wagner - Wagner Real Estate Group
Copyright 2015 Bill Wagner All Rights Reserved Wagner Real Estate Group
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