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

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
https://activerain.com/droplet/4sqd

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

Single Family

The Atlantic City Real Estate Market is showing no improvement for November. November saw a 3.2% decrease in new listings coming on the market over November of 2013. 30 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 November is up 17.7% over 2013.

Sold properties in November where even with last November only 7 sold single family properties. This brings the current total of sold properties for the 12 month period to 107. This is a 28.9% improvement over the same period in 2013, but still very poor. 

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 28.7 months. This denotes an extremely strong Buyers Market.

Atlantic City Single Family Homes for Sale Real Estate Trends November 2014

Average Days on Market where down 52.4% from last November and the Days on Market for the year to date period have increased to 151. 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 so the year to date running period provides a more reliable gauge. 

Median Sale Prices for this November were up 56.8% over November 2013. The year to date Median Sale Price is up 7.1%. 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 showed some improvement in median price in November. November saw an 87% increase in new listings coming on the market over November of 2013. 43 condos where introduced to the market. Which is 20 more listings than in November of 2013.

The number of new listings of Atlantic City NJ Condos for Sale in the year to date period ending November is 22.4% higher than the 2013 year to date period.

Sold properties in November were up 33.3% with 8 sold condominium properties. This brings the current total of sold properties for the year to date period to 114. This represents an 6.6% 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 35.4 months. A 14.6% increase over the 2013 period. This still denotes an extremely strong Buyers Market and represents increase from 30.9 months last year.

Atlantic City Condos for Sale Real Estate Trends November 2014

Average Days on Market for November is down 7% to 159 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 146, 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 November were up 85.2% over November 2013. The year to date Median Sale Price is down 14.4%. 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 Real Estate Trends November 2014

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 November 2014

 

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