Homes for Sale - Linwood, NJ - Real Estate Trends May 2015
The Linwood Real Estate Market is showing mixed results for May. May saw a 24% increase in new listings coming on the market over May 2014. 31 new single family homes where introduced to the market.
The number of newly listed Linwood single family homes for sale in the year to date period ending May is up 13.3% over 2014.
Sold properties in May where even with last May with 7 sold single family properties. This brings the current total of sold properties for the year to date period to 30. This is a 13.3% increase from the same period in 2014.
Combined, the total number of new listings of Linwood NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 21.1 months. This represents an 3.4% increase from last May and denotes an extremely strong Buyers Market.
Average Days on Market where down 3.6% from last May. Days on Market for the year to date period are 86. 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, there will be a large deflection in the Days on Market. The year to date running period provides a more reliable gauge.
Median Sale Prices for this May were down 41% from May 2014. The year to date Median Sale Price is down 26.8% to $243,450.
It should be interesting to watch the Linwood Market over the next several months.
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. Hopefully, recent events will turn the tide in Atlantic County.
Mortgage Rates remain relatively steady 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.
Homes for Sale Linwood, NJ - Real Estate Market Trends May 2015
By Bill Wagner
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By Bill Wagner
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