Homes for Sale Margate NJ Real Estate Trends May 2015
Homes for Sale in the Margate Real Estate Market are showing mixed improvement in May. May saw an 8.8% increase in new listings coming on the market over May of 2014. 37 newly listed single family homes where introduced to the market.
The number of newly listed Margate single family homes for sale in the year to date period ending May is up 5.1% over the previous year to date period.
Sold properties in May where down 16.7% with 15 sold single family properties. This brings the current total of sold properties for the year to date period to 61. This represents a 5.2% increase over the previous year to date period.
Combined, the total number of new listings of Margate NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to decrease slightly to 17 months. This denotes an extremely strong Buyers Market.
Average Days on Market were down 50.5% to just over 3 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. Comparison of days on market on a month to month basis tends to be unreliable. The average days on market for the year to date period is 98, a 22.8% decrease from the previous year to date period.
Median Sale Prices for this May were up 7% from May 2014. The year to date Median Sale Price is up 3.9%. It should be interesting to watch the Margate Market over the next several months to see if it begins to gain some traction.
Mortgage Rates have increased and, at this writing, 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 possible increasing interest rates, the Median Sale prices will struggle to gain ground.
Market Report - Homes for Sale - Margate, NJ - May 2015
Condos for Sale Margate, NJ - Real Estate Market Trends - May 2015
The Margate Real Estate Market for Condos is improved for May. May saw a 46.9% decrease in new listings coming on the market compared to May of 2014. 17 new condos where introduced to the market. Which is 15 less than May of 2014.
The number of new listings of Margate NJ Condos for Sale in the year to date period ending May is 14.8% less than the previous year to date period.
Sold properties in May were up 83.3% with 11 sold condominium properties. This brings the current total of sold properties for the year to date period to 31. This represents an 14.8% increase over the previous year to date period.
Combined, the total number of new Condo listings for Sale in Margate NJ and total inventory versus the number of properties being sold, has decreased the months supply of inventory by 33.1% to 18.8 months of supply. This still denotes an extremely strong Buyers Market but is a significant improvement from 28.1 months last May.
Average Days on Market for May are up 19.3% percent to 105 days. Considering the low number of sales, 1 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 126, just over 4 months. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Median Sale Prices for this May are down 1.6% over May 2014. The year to date Median Sale Price is up 5.8%. 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 6 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
Hopefully Median Sale prices for condos will gain some traction in the Margate Market as the year progesses.
Atlantic County unemployment continues to remain the highest in the State and higher than most areas of the country.
Mortgage Rates are fairly stable and at this writing and are in the 4% range.
Condos for Sale Margate NJ - Real Estate Market Trends - May 2015
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