Homes for Sale Brigantine, NJ - Market Trends April 2015

By
Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204

Homes for Sale Brigantine, NJ - Market Trends April 2015

Single Family

The Brigantine Real Estate Market is showing mixed results for April. April saw a 19.1% increase in new listings coming on the market over April of 2014. 56 new single family homes where introduced to the market.

Sold properties in April where up 20% with 12 sold single family properties. Sold properties for the year to date period are up 28.2% to 50 sold properties. This is up from 39 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 increased the months supply of inventory to 28.7 months a 9.1% increase. This denotes an extremely strong Buyers Market. New inventory is still outpacing sales.

Single Family Homes for Sale Brigantine NJ 

Average Days on Market where up 21.8% to 106 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 122.

Median Sale Prices for this March were up 9.7% over April 2014. The year to date Median Sale Price is up 22%. 

Condos for Sale Brigantine, NJ Real Estate Market Trends March 2015

The Brigantine Real Estate Market for Condos is showing no improvement in April. April saw a 23.1% increase in new listings coming on the market over April 2014. 32 condos where introduced to the market. Which is 6 more listings than in April 2014.

The number of new listings of Brigantine NJ Condos for Sale in the year to date period is the up 7.9%.

Sold properties in April were down 28.6% with only 5 sold condominium properties. This brings the current total of sold properties for the year to date period to 14. This represents a 22.2% decrease 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 35.2 months. A 31.8% increase from April 2014. This denotes an extremely strong Buyers Market and represents increase from 26.7 months last year.

Condos for Sale Brigantine NJ

Average Days on Market for April are down 62.5% 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 100.

Median Sale Prices for this April are up 52.7% from April 2014. The year to date Median Sale Price is up 11.3% with last April. 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.

Homes for sale Brigantine nj

 

Overall

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 April 2015

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By Bill Wagner

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Content written and published by Bill Wagner - Wagner Real Estate Group

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