Market Trends - Homes for Sale - Mays Landing, NJ - January 2015

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

Market Trends - Homes for Sale - Mays Landing, NJ - January 2015

The Mays Landing Real Estate Market is showing little to no improvement this January.

Single Family

January saw a 15.4% decrease in new listings coming on the market over January of 2014. 33 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 January is down 15.4% over the same period last year. A total of 33 single family homes have been listed year to date.

The number of sold properties, in January, where down 28.6%. There were only 5 sold single family properties. This brings the current total of sold properties for the year to date period to 33. A 28.6% decrease from the 2014 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 13.8 months. This denotes an extremely strong Buyers Market.

Mays Landing Single Family Homes for Sale

Average Days on Market is up 109.2% for January to over 4 months. The total for the year to date period is the same at 136 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 13.7 percent of the market sales. Short sales generally take longer to close so they directly affect the days on market.

Median Sale Prices for this January were down 24.1% compared to January 2014. The year to date Median Sale Price is down the same. 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 Janauary were up 12.5% over January 2014. 9 new listings where introduced to the market in January. Year to date the number of new listings is the same.

Sold properties in January where even with January 2014 with only 1 sold adult community home. 

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 6.5 months. An 23.5% decrease from 2014. This denotes a Buyer's Market.

55+ Adult Community Homes for Sale 

Days on Market for January was 41 representing an decrease of 4.7% from last January. Average Days on Market year to date is the same as we only have January numbers. 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 January were down 28.9% over last January to $67,500. 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 1 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 cannot be calculated. As it is January, we don't yet have a year to date comparison.

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 January. January saw a 12.5% increase in new listings coming on the market over January 2014. 9 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 January are up 12.5% over the previous year to date period.

Sold properties in January where down 75% with only 2 sold condominiums. This brings the current total of sold properties for the year to date period to 2. This represents a 75% decrease over the same 2014 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 103% to 13.6 months of supply. This denotes a very strong buyer's market.

Mays Landing Condos for Sale

Average Days on Market for January was up 57.1% to 165 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 the same

Median Sale Prices for this January were down12.2% over January 2014. 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 2 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 cannot yet be calculated.

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.

Mays Landing Graph January 2015

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% 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

Google

Search homes in other communities

Absecon Atlantic City Brigantine Buena Buena Vista Corbin City Egg Harbor City Egg Harbor Township Estell Manor Galloway Hamilton Township (Mays Landing) Hammonton Linwood Longport Margate Mullica Township Ocean City Pleasantville Port Republic Somers Point NJ  Upper Township Ventnor Weymouth Township 

Content written and published by Bill Wagner - Wagner Real Estate Group

Copyright 2015 Bill Wagner All Rights Reserved Wagner Real Estate Group

Posted by

 

 

 

Wagner Real Estate Group Logo

Bill Wagner

Wagner Real Estate Group

609-432-8005 cell

Connect with Bill on these other sites

Facebook icon   Google plus icon   Twitter Icon      Foursquare icon

Connect with Wagner Real Estate Group on these other sites 

 Facebook icon 1   Google plus icon 1   Twitter icon 1   LinkedIn icon 1   

Search for Homes in Atlantic and Cape May Counties

Top Contributor

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
New Jersey Atlantic County Mays Landing
Tags:
homes for sale
condos for sale
homes sold
mays landing
homes for sale 55

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
4,432,838
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Anyone thinking of buying a home in your area should call you.

Feb 18, 2015 11:36 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
425,685

Bill and MaryAnn Wagner

Jersey Shore and South Jersey Real Estate
Want to know more about Real Estate in South Jersey?
*
*
*
*
Spam prevention

Additional Information