Homes for Sale Brigantine, NJ - Market Trends February 2015

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
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Homes for Sale Brigantine, NJ - Market Trends February 2015

Single Family

The Brigantine Real Estate Market is showing mixed results as we begin 2015. February saw a 65% increase in new listings coming on the market over February of 2014. 66 new single family homes where introduced to the market.

Sold properties in February where up 33.3% with 8 sold single family properties. Sold properties for the year to date period are up 13.3%. This is up from 15 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 27.8 months. This denotes an extremely strong Buyers Market.

Homes for sale brigantine NJ

Average Days on Market where down 18.5% to 137 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 are 105.

Median Sale Prices for this February were up 59.8% over February 2014. The year to date Median Sale Price is up 15.1%. 

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. February saw 3.8% increase in new listings coming on the market over February 2014. 27 condos where introduced to the market. Which is 1 more listing than in February 2014.

The number of new listings of Brigantine NJ Condos for Sale in the year to date period is the up 5.6%.

Sold properties in February were up 66.7% with 5 sold condominium properties. This brings the current total of sold properties for the year to date period to 8. This represents a 60% 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 increased the months supply of inventory to 31.5 months. A 17.1% increase from February 2014. This still denotes an extremely strong Buyers Market and represents increase from 26.9 months last year.

Condos for sale brigantine NJ

Average Days on Market for February is down 23% to 114 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 110.

Median Sale Prices for this February are up by 36.2%% over February 2014. The year to date Median Sale Price is up 13.8%. 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 4 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.

Brigantine NJ homes for sale

 

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. Recent events in Atlantic City may well provide the foundation for the beginnings of a recovery.

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 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 Brigantine, NJ - Real Estate Market Trends January 2015

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By Bill Wagner

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