Homes for Sale - Northfield, NJ - Real Estate Trends - May 2015
The Northfield, NJ Real Estate Market is showing mixed results for May. May saw a 28.6% increase in new listings coming on the market over May 2014. 18 new single family homes where introduced to the market.
The number of newly listed single family Homes for Sale in Northfield, NJ during the year to date period is up 10.7% over the previous year to date period.
Sold properties in May where up 200% with 9 sold single family properties. This brings the current total of sold properties for the year to date period to 25. A 24.2% decrease over the previous year to date period.
Combined, the total number of newly listed Northfield, NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to rise to 15.6 months. A 40.5% increase from 2014. This denotes an strong Buyers Market and is up from 11.1 months supply last year.
Average Days on Market decreased 3% in May to 96 days. Days on Market for the year to date period is down 5.9% to 111 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Short Sale Homes for Sale in Northfield, NJ are closing considerably faster than they were a year ago. Short Sales presently represent 15% of the market sales.
Median Sale Prices for this May were down 3.1%. The year to date Median Sale Price is down 17.5%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Northfield, NJ will be able to stabilize.
Unemployment continues to remain the highest in the State and higher than most areas of the country. 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 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.
With supply remaining high, demand light, and interest rates fairly stable, the Median Sale prices will most likely remain relatively flat. When interest rates increase, buyers qualify for lower mortgages and as a result can afford to pay less for a home.
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.
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.
We now also hold the title for having the highest rate of foreclosures in the country.
Real Estate Trends - Homes for Sale - Northfield NJ - May 2015
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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