Homes for Sale Brigantine, NJ - Market Trends May 2015
The Brigantine Real Estate Market is showing mixed results for May. May saw a 14% decrease in new listings coming on the market over May of 2014. 43 new single family homes where introduced to the market.
Sold properties in May where down 17.6% with 14 sold single family properties. Sold properties for the year to date period are up 14.3% to 64 sold properties. This is up from 56 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 29.5 months a 7.3% increase. This denotes an extremely strong Buyers Market. New inventory is still outpacing sales.
Average Days on Market where up 168.7% to 266 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 152. A 28.8% increase from 2014
Median Sale Prices for this May were up 6.5% over May 2014. The year to date Median Sale Price is up 21.7%.
Condos for Sale Brigantine, NJ Real Estate Market Trends March 2015
The Brigantine Real Estate Market for Condos is showing no improvement in May. May saw a 12% decrease in new listings coming on the market over May 2014. 22 condos where introduced to the market. Which is 3 less listings than in May 2014.
The number of new listings of Brigantine NJ Condos for Sale in the year to date period is the up 5.3%.
Sold properties in May were down 11.1% with only 8 sold condominium properties. This brings the current total of sold properties for the year to date period to 23. This represents a 14.8% 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 33.4 months. A 17.6% increase from May 2014. This denotes an extremely strong Buyers Market and represents increase from 28.4 months last year.
Average Days on Market for May are down 8.1% to 102 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 99.
Median Sale Prices for this May are up 15.2% from May 2014. The year to date Median Sale Price is up 1.8% from last May. 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 5 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 May 2015
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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