Homes for Sale Egg Harbor Twp. NJ Real Estate Trends November 2014

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

Homes for Sale - Egg Harbor Twp, NJ - Real Estate Trends - November 2014 08234

Single Family

Homes for Sale in the Egg Harbor Township Real Estate Market is showing no improvement this November. November saw an 18.9% increase in new listings coming on the market over November of 2013. 63 new single family homes where introduced to the market.

The number of newly listed single family Homes for Sale in Egg Harbor Township, NJ during the year to date period ending November is up 24.9% over the previous year to date period.

Sold properties in November where down28.1% over last November with 23 sold single family properties. This brings the current total of sold properties for the yeqar to date period to 309. A 13% decrease over the previous year to date period.

Combined, the total number of newly listed Egg Harbor Township NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 16.2 months. A 32.8% increase from November 2013. This denotes an strong Buyers Market.

 

Average Days on Market in November are up Egg Harbor Township Single Family Homes for Sale7.7% to almost 4 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

Short Sale properties in Egg Harbor Township, NJ are closing considerably faster than they were a year ago. Short Sales presently represent 22+ percent of the market sales. A year ago many were taking 6 to 9 months to close. This year, if negotiatiated 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 3.7% from November 2013. The 12 month Median Sale Price is down 4.7%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Egg Harbor Township, NJ can begin to stabilize.

 

Homes for Sale 55+ Adult Communities - Egg Harbor Twp., NJ November 2014

Adult Communities

The Homes for Sale in the Egg Harbor Twp. 55+ Adult Community Real Estate Market are showing mixed improvement in November. November saw a 50% increase in new listings coming on the market over November of 2013. Only 3 new adult community homes were introduced to the market.

The number of newly listed Egg Harbor Twp. 55+ Adult Community Homes for Sale in the year to date period ending November is even with the previous 12 month period. 51 properties have been listed.

Sold properties in November where up with 2 sold adult community properties. This brings the current total of sold properties for the year to date period to 22. A 24.1% decrease over the previous year to date period.

Combined, the total number of newly listed Egg Harbor Twp. NJ 55+ Adult Community Homes for Sale and total inventory versus the number of properties being sold has forced the months supply of inventory to increase to 13.3 months. A 68.4% increase from 2013. This denotes a strong Buyer's Market.

55+ Adult Community Homes for Sale Egg Harbor Township November 2014

Average Days on Market in November was 40 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

Average Days on Market for the year to date period is up 6.9% to 108 days.   

Median Sale Prices for this November are up 24.9% over the November 2013. 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 only 2 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Over a year to date period, which provides a more reliable gauge, Median Sale Prices have decreased 8.6%.

It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Egg Harbor Twp. 55+ Adult Community Market will start to stabilize.

 

 

Condos for Sale - Egg Harbor Township, NJ - Market Trends November 2014 

The Egg Harbor Township Condominium Market is showing mixed results in in November. November saw a 60% increase in new listings coming on the market over November 2013. 8 new condos where introduced to the market. Which is 3 more listings than in November of 2013.

The number of new listings of Egg Harbor Township Condos for Sale in the year to date period ending November is up 68.1% over the previous year to date period.

Sold properties in November where up 33.3% with 4 sold condominium properties. This brings the current total of sold properties for the year to date period to 44. This represents a 2.3% increase over the previous year to date period.

Combined, the total number of new Condo listings for Sale in Egg Harbor Township, NJ  and total inventory versus the number of properties being sold has forced the months supply of inventory to increase by 39.6% to 14.8 months of supply. This denotes a strong Buyer's Market and is up 10.6 months last year.

Condos for Sale Egg Harbor Township November 2014

Average Days on Market is down 65.6% in November. Days on Market for the 12 month period is down 6.8% to 110.  Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

Median Sale Prices for this November are up 21.1% over November 2013. 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 4 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Over a 12 month running period, which provides a more reliable gauge, Median Sale Prices have increased 7.2%.

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% downpayment. Substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Egg Harbor Township. A large percentage of purchases have been made by investors.

Median Sale prices overall for condos have made a slight rebound in Egg Harbor Township. It will be interesting to see if the trend continues in the Egg Harbor Township Market.

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 at this writing are 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.

Homes for Sale Egg Harbor Township Graph November 2014

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. 

 

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Real Estate Trends - Homes for Sale - Egg Harbor Township - November 2013 08234

By Bill Wagner

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homes for sale
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