Homes for Sale - Somers Point, NJ - Real Estate Trends - November 2014
The Real Estate Market of Homes for Sale in Somers Point, NJ is showing no improvement in November. November saw a 30.8% increase in new listings coming on the market over November of 2013. 17 new single family homes where introduced to the market.
The number of newly listed single family Homes for Sale in Somers Point, NJ for the year to date period ending November is up a slight 33.3% over the year to date period.
Sold properties in November where down 25% over last November with 9 sold single family properties. This brings the current total of sold properties for the year to date period to 73. A 2.8% increase over the previous year to date period.
Combined, the total number of newly listed Somers Point, NJ Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 15.9 months. A 19.5% increase from the year to date period in 2013. This denotes an strong Buyers Market, and is a significant increase from 13.3 months last year.
Average Days on Market in November are up 15.6% to 3 months. Due to the low number of sales the month to month days on market is not very reliable. A sold property that has been on the market for several years can be misleading. The running year to date average is much more reliable and that is up 38.5% to 90 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Short Sale and Bank Owned Single Family Homes for Sale in Somers Point, NJ have become less of a factor in the Somers Point Market with only 4 properties currently for sale. Short Sales presently represent only 4.2 percent of the market inventory.
Median Sale Prices for this November were up .4% over November 2013. The year to date Median Sale Price is down by 1.9%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale Somers Point, NJ will continue to stabilize.
Condos for Sale Somers Point, NJ - Real Estate Market Trends - May 2014
The Somers Point Real Estate Market for Condos is down in the number of condos sold November. November saw an increase in new listings coming on the market compared to November of 2013. 7 new condos where introduced to the market. Which is 2 more than in November of 2013.
The number of newly listed Condos for Sale in Somers Point NJ in the year to date period ending November is up 39.4% over the previous year to date period.
Sold properties in November were up with 3 sold condominium properties. This brings the current total of sold properties for the year to date period to 28. This represents an 20% decrease from the previous year to date period.
Combined, the total number of new Condo listings for Sale in Somers Point NJ and total inventory versus the number of properties being sold, has increased the months supply of inventory 55.1% to 19.7 months of supply. This denotes a strong Buyers Market and is up from 12.7 months more last year.
Average Days on Market for November is up 86.6% to 153 days. Considering the low number of sales, one 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 111, just under 4 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
There is currently only 1 Short Sale Condo for Sale in Somers Point, NJ.
Median Sale Prices for this November are up 31% over November 2013. The year to date Median Sale Price is down 10.2% to 265,000. 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 under 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
Unemployment continues to remain the highest 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 are stabile in the 4% 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 interest rates fairly stable, the Median Sale prices will most likely remain relatively flat. When interest rates increase, buyers qualify for lower mortgages and as a result can afford to pay less for a home.
Real Estate Trends - Homes for Sale - Somers Point NJ - November 2014
By Bill Wagner
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