Homes for Sale Atlantic City, NJ - Market Trends January 2015

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
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Homes for Sale Atlantic City, NJ - Real Estate Market Trends January 2015

Single Family

The Atlantic City Real Estate Market is showing little improvement for January. January saw a 26.9% increase in new listings coming on the market over January 2014. 33 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 January is up 26.9% over 2014.

Sold properties in January where up 75% last January with 7 sold single family properties. This brings the current total of sold properties for the year to date period to 7. This is an  improvement over the same period in 2014, 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 decrease to 25.7 months. This denotes an extremely strong Buyers Market.

Atlantic City Homes for Sale

Average Days on Market where down 56.6% from last January and the Days on Market for the year to date period is the same as we are only one month into the year. 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 January were down 36.2% from January 2014. The year to date Median Sale Price is the same. 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. However, there are several positives on the horizon that could change the mindset regarding the direction of Atlantic City. 

Condos for Sale Atlantic City

The Atlantic City Real Estate Market for Condos showed no improvement in median price in January. January saw a 21.2% decrease in new listings coming on the market over January of 2014. 52 condos where introduced to the market. Which is 14 less listings than in January of 2014.

The number of new listings of Atlantic City NJ Condos for Sale in the year to date period ending January is the same as we're only in the first month of the year.

Sold properties in January were down 16.7% with 5 sold condominium properties. This brings the current total of sold properties for the year to date period to 5. 

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 32.1 months. An 8.8% increase over the 2014 period. This still denotes an extremely strong Buyers Market and represents increase from 29.5 months last year.

Atlantic City Condos for Sale

Average Days on Market for January is down 47.5% to 107 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, 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. 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 January were down 2% from 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 5 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. 

Atlantic City Condos for Sale

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 January 2015

 

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