Homes for Sale - Absecon, NJ - Market Trends - January 2015

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

Homes for Sale - Absecon, NJ - Real Estate Market Trends - January 2015

Single Family

The Absecon Real Estate Market is showing little improvement for January. January saw a 23.1% increase in new listings coming on the market over January 2014. 16 new single family homes where introduced to the market.

The number of single family Homes for Sale in Absecon, NJ during the year to date period is the same nas we are in the first mointh of the new year. 

Sold properties in January where down 40% with 3 sold single family properties. This brings the current total of sold properties for the year to date period to 3. A 40% decrease from last January.

Combined, the total number of newly listed Absecon NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increse to 16.1 months. A 64.3% increase from January 2014. This still denotes a strong Buyers Market.

Absecon Single Family Homes for Sale

Average Days on Market in May are up 46.3% to just over 3 1/2 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 aggressively in order to get them sold. Many are relocating out of state where housing costs are lower.

There are still a significant number of Short Sale properties in Absecon, NJ. Short Sales presently represent 17+ percent of the market sales. 

Median Sale Prices for this January are down 64% from January 2014. It would have to be assumed that the severe drop in median price is due to a number of distressed properties being liquidated. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Absecon, NJ market are beginning to level off as the year progresses.

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 have been steady 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.

Absecon Graph January 2015

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. 

Overall

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.

 

Search Absecon Homes for Sale

Homes for Sale Absecon NJ Market Trends January 2015

By Bill Wagner

Google

Search available properties in specific communities:

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 Absecon
Tags:
homes for sale
market report
market trends
homes sold
08201
absecon nj

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

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

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

Rainmaker
394,374

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