Market Trends - Homes for Sale - Mays Landing, NJ - April 2015

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
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Market Trends - Homes for Sale - Mays Landing, NJ - April 2015

The Mays Landing Real Estate Market is showing mixed results this April.

Single Family

April saw a 7.7% increase in new listings coming on the market over April of 2014. 42 new single family homes where introduced to the market.

The number of Mays Landing single family homes for sale for the year to date period ending April is up 8.6% over the same period last year. A total of 151 single family homes have been listed year to date.

The number of sold properties, in April, where up 23.1%. There were 16 sold single family properties. This brings the current total of sold properties for the year to date period to 59. A 43.9% increase from the 2014 year to date period.

Combined, the total number of newly listed Mays Landing NJ Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 13.6 months. This denotes an extremely strong Buyers Market but is down from 15.3 months last April.

Single Family Homes for Sale Mays Landing

Average Days on Market is down 11.1% for April to under 3 months. The total for the year to date period is up 22.9% at 118 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

Short Sales presently represent 15 percent of the market sales. Short sales generally take longer to close so they directly affect the days on market.

Median Sale Prices for this April were down 36.9% from April 2014. The year to date Median Sale Price is up 2.9%. Median Sale prices are very unlikely to make significant gains long term in the Hamilton Township/Mays Landing Market. Unemployment continues to remain the highest in the State and higher than most areas of the country. 

 

55+ Adult Community Homes 

The number of newly listed Mays Landing Adult Community homes for sale in April were up 33.3% over April 2014. 8 new listings where introduced to the market in April. Year to date the number of new listings is up 3.8%.

Sold properties in April where down 66.7% from April 2014 with 3 sold adult community homes. Year to date sold properties are up 7.7% to 14 homes sold.

Combined, the total number of newly listed Mays Landing NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 8.1 months. A 20.9% increase from 2014. This denotes a Buyers Market.

55+ Adult Community Homes for Sale Mays Landing 

Days on Market for April was 79 representing an decrease of 26.9% from last April. Average Days on Market year to date is down 23% to 77 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. With a low number of sold properties, a very quick sale, or an incorrectly reported sale, can cause a large deflection in the Days on Market in a single month. 

Median Sale Prices for this April were down 1.9% over last April to $98,000. Because of the very low number of adult community homes being sold each month the Median Sale Prices tend to be unreliable on a month to month comparison. With an average of  just over 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. For the year to date period, which provides a more reliable gauge, Median Sale Prices are up 2.6% to 97,500. 

It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Mays Landing 55 + Adult Community Market will begin to gain any traction. 

 

Condos for Sale - Mays Landing, NJ - Market Trends

The Mays Landing Condominium Market is showing no improvement in the number of condos sold this April. April saw the same number of new listings coming on the market as April 2014. 8 new condos where introduced to the market. 

The number of new listings of Mays Landing Condos for Sale in the year to date period ending April are down 7.5% from the previous year to date period.

Sold properties in April where down 25% with only 6 sold condominiums. This brings the current total of sold properties for the year to date period to 14. This represents a 36.4% decrease over the same 2014 period.

Combined, the total number of new Condo listings for Sale in Mays Landing, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase by 60% to 12 months of supply. This denotes a very strong buyer's market.

Condos for Sale Mays Landing NJ

Average Days on Market for April was up 60.4% to 162 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 is down 3.4% to 114 days

Median Sale Prices for this April were up 39.4% from April 2014. 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 an average of just over 3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. For the year to date period, which provides a more reliable gauge, Median Sale Prices are up 13.8% to $78,500.

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligible for financing with less than 20% down payment, substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Mays Landing. A large percentage of purchases have been made by investors.

Homes for Sale Mays Landing NJ

Median Sale prices overall for condos are very unlikely to gain much traction in the Mays Landing Market.

Unemployment continues to remain the highest in the State and higher than most areas of the country. 

Mortgage Rates 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 increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages. 

If you are considering the sale or purchase of a home give us a call to benefit from our 35+ years of experience. 

By Bill Wagner

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homes for sale
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adult community homes for sale
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Rainmaker
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Michael Dagner
Brokers Guild Classic - Denver, CO
Your Denver Homes Realty Expert

Hi Bill and Maryann, its always interesting to hear what's happening in other markets.  Best to you!

May 26, 2015 01:57 PM #1
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