Homes for Sale - Absecon, NJ - Real Estate Market Trends - February 2015
The Absecon Real Estate Market is showing little improvement for February. February saw a 27.8% decrease in new listings coming on the market over February 2014. 13 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 down 2 from the 2014 year to date period.
Sold properties in February where down 75% with only 1 sold single family property. This brings the current total of sold properties for the year to date period to 3. A 66.7% decrease from last February.
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 37.6% increase from February 2014. This still denotes a strong Buyers Market.
Average Days on Market in February is down 66.8% to just over 2 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. For the year to date period days on market is down 42.3% to 79 days.
There are still a significant number of Short Sale properties in Absecon, NJ. Short Sales presently represent 19+ percent of the market sales.
Median Sale Prices for this February were up 8.8% from February 2014. With only one sale there is no real value to this increse. Year to date the median price is up 26.3% from 2014. 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.
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.
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% 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 Absecon NJ Market Trends February 2015
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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