Homes for Sale Brigantine, NJ - Market Trends March 2015
The Brigantine Real Estate Market is showing mixed results for March. March saw a 20.7% decrease in new listings coming on the market over March of 2014. 46 new single family homes where introduced to the market.
Sold properties in March where up 35.7% with 19 sold single family properties. Sold properties for the year to date period are up 27.6%. This is up from 29 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 27.3 months. This denotes an extremely strong Buyers Market. New inventory is still outpacing sales.
Average Days on Market where down 6.4% to 131 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 124.
Median Sale Prices for this March were up 49.6% over March 2014. The year to date Median Sale Price is up 31.6%.
Condos for Sale Brigantine, NJ Real Estate Market Trends March 2015
The Brigantine Real Estate Market for Condos is showing no improvement in March. March saw a 6.9% decrease in new listings coming on the market over March 2014. 27 condos where introduced to the market. Which is 2 less listings than in March 2014.
The number of new listings of Brigantine NJ Condos for Sale in the year to date period is the up 4%.
Sold properties in March were down 83.3% with only 1 sold condominium property. This brings the current total of sold properties for the year to date period to 9. This represents a 4% 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 39 months. A 45.5% increase from March 2014. This denotes an extremely strong Buyers Market and represents increase from 26.8 months last year.
Average Days on Market for March are up 200% to 87 days. Considering the low number of sales, one 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 108.
Median Sale Prices for this March are down 16% from March 2014. The year to date Median Sale Price is even with last March. 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.
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. 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 March 2015
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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