Homes for Sale Brigantine, NJ - Market Trends January 2015
The Brigantine Real Estate Market is showing mixed results as we begin 2015. January saw a 30% decrease in new listings coming on the market over January of 2014. 49 new single family homes where introduced to the market.
Sold properties in January where down 22.2% with only 7 sold single family properties. This is the current total of sold properties for the year to date period. This is down from 9 closed last year.
Combined, the total number of new listings of Brigantine NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 25.4 months. This denotes an extremely strong Buyers Market.
Average Days on Market where down 54.2% to 54 days. 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 aggressively in order to get them sold.
Median Sale Prices for this January were up 21.7% over January 2014. The year to date Median Sale Price is up the same %.
Condos for Sale Brigantine, NJ Real Estate Market Trends May 2014
The Brigantine Real Estate Market for Condos is showing some price improvement as we head into 2015. January saw 6.7% increase in new listings coming on the market over January 2014. 48 condos where introduced to the market. Which is 3 more listings than in January 2014.
The number of new listings of Brigantine NJ Condos for Sale in the year to date period is the same.
Sold properties in January were up 50% with 3 sold condominium properties. This brings the current total of sold properties for the year to date period to 3. This represents the same % increase over last year.
Combined, the total number of new Condo listings for Sale in Brigantine NJ and total inventory versus the number of properties being sold has decreased the months supply of inventory to 28.3 months. A 6.3% decrease from January 2014. This still denotes an extremely strong Buyers Market and represents decrease from 30.2 months last year.
Average Days on Market for January is down 4.6% to 104 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 the same as we are in January.
Median Sale Prices for this January are up by 28.6%% over January 2014. The year to date Median Sale Price is the same. 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 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
It is important to remember that there were a larger percentage of Sandy damaged homes selling in 2013 and 2014 at lower prices. Hopefully we will see continued price improvement in 2015 as many of these properties have transfered ownership.
The closing of 4 casinos, and the possibility of a fifth, 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. Adult community homes are less sensitive to employment numbers because many occupants are retired.
Mortgage Rates are also predicted to gradually climb and at this writing are in the 4 to 4.5% range. As can be seen in the above graph, we continue to stay in the same side ways price channel we've been in for the last three years.
Homes for Sale Brigantine, NJ - Real Estate Market Trends January 2015
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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