Homes for Sale Margate NJ Real Estate Trends March 2015
Single Family
Homes for Sale in the Margate Real Estate Market are showing mixed improvement in March. March saw an 11.4% increase in new listings coming on the market over March of 2014. 49 newly listed single family homes where introduced to the market.
The number of newly listed Margate single family homes for sale in the year to date period ending March is down .8% over the previous year to date period.
Sold properties in March where up 88.9% with 17 sold single family properties. This brings the current total of sold properties for the year to date period to 38. This represents a 40.7% increase over the previous year to date period.
Combined, the total number of new listings of Margate NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to remain stable at 15.9 months. This denotes an extremely strong Buyers Market.
Average Days on Market is down 20.6% to just under 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. Comparison of days on market on a month to month basis tends to be unreliable. The average days on market for the year to date period is 89, a 15.2% decrease from the previous year to date period.
Median Sale Prices for this March were down 11.7% from March 2014. The year to date Median Sale Price is down 6.7%. It should be interesting to watch the Margate Market over the next several months to see if it begins to gain some traction.
Unemployment in Atlantic County continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates have receded and, at this writing, are 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 possible increasing interest rates, the Median Sale prices will struggle to gain ground.
Market Report - Homes for Sale - Margate, NJ - March 2015
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Condos for Sale Margate, NJ - Real Estate Market Trends - March 2015
The Margate Real Estate Market for Condos is difficult to read for March. March saw a 37.9% decrease in new listings coming on the market compared to March of 2014. 18 new condos where introduced to the market. Which is 11 less than March of 2014.
The number of new listings of Margate NJ Condos for Sale in the year to date period ending March is 17.1% less than the previous year to date period.
Sold properties in March were up 20% with only 6 sold condominium properties. This brings the current total of sold properties for the year to date period to 11. This represents an 35.3% decrease over the previous year to date period.
Combined, the total number of new Condo listings for Sale in Margate NJ and total inventory versus the number of properties being sold, has decreased the months supply of inventory 26.3% to 18.5 months of supply. This still denotes an extremely strong Buyers Market but is a significant improvement from 25.1 months last March.
Average Days on Market for March is up 101.8% percent to 224 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 179, just under 6 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Median Sale Prices for this March are up 295.3% over March 2014. The year to date Median Sale Price is up 58.3%. 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 less than 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. That is what happend in March when 3 very high end condos sold.
Hopefully Median Sale prices for condos will gain some traction in the Margate Market as the year progesses.
Unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates are fairly stable and at this writing and are in the 4% range.
Condos for Sale Margate NJ - Real Estate Market Trends - March 2015
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