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

By
Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
https://activerain.com/droplet/4Hgl

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

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

Single Family

July saw an 18.9% decrease in new listings coming on the market over June of 2014. 30 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 July is up 4% over the same period last year. A total of 261 single family homes have been listed year to date.

The number of sold properties, in July, where up 109.1%. There were 23 sold single family properties. This brings the current total of sold properties for the year to date period to 123. A 43% 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 15.9 months. This denotes an extremely strong Buyers Market but is down from 17 months last July.

Single Family homes mays landing july 2015

Average Days on Market are down 41.9% for July to over 3 months. The total days for the year to date period is up .9% at 108 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 9 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 July were up .5% from July 2014. The year to date Median Sale Price is down 6.7%. 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 July were were down 62.5% from July 2014. 3 new listings where introduced to the market in July. Year to date the number of new listings are down 17%.

Sold properties in July where up 20% from July 2014 with 6 sold adult community homes. Year to date sold properties are down 14.3% to 24 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 15.6% decrease from 2014. This denotes a Buyers Market.

Adult Community Homes for Sale Mays Landing NJ July 2015 

Days on Market for July were 105 representing an increase of 81% from last July. Average Days on Market year to date is down 2% to 100 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 July were down 18.2% to $135,000. 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 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 .6% to 98,000. 

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 improvement in the number of condos sold this July. July saw no increase in the number of new listings coming on the market from July 2014. 17 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 July is up 8% from the previous year to date period.

Sold properties in July where up 16.7% with 7 sold condominiums. This brings the current total of sold properties for the year to date period to 40. This represents a 2.4% 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 pushed the months supply of inventory to decrease by 10.1% to 9.8 months of supply. This denotes a buyer's market.

Condos for Sale Mays Landing NJ July 2015

Average Days on Market for July were down 32.8% to 88 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 4.8% to 99 days

Median Sale Prices for this July were up 7% from July 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 under 6 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 down 26.8% to $69,500.

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.

Mays Landing Graph July 2015

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

Google

Search homes in other communities

Absecon Atlantic City Brigantine Buena Buena Vista Corbin City Egg Harbor City Egg Harbor Township Estell Manor Galloway Hamilton Township (Mays Landing) Hammonton Linwood Longport Margate Mullica Township Ocean City Pleasantville Port Republic Somers Point NJ  Upper Township Ventnor Weymouth Township 

Content written and published by Bill Wagner - Wagner Real Estate Group

Copyright 2015 Bill Wagner All Rights Reserved Wagner Real Estate Group

Posted by

 

 

 

Wagner Real Estate Group Logo

Bill Wagner

Wagner Real Estate Group

609-432-8005 cell

Connect with Bill on these other sites

Facebook icon   Google plus icon   Twitter Icon      Foursquare icon

Connect with Wagner Real Estate Group on these other sites 

 Facebook icon 1   Google plus icon 1   Twitter icon 1   LinkedIn icon 1   

Search for Homes in Atlantic and Cape May Counties

Top Contributor

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
New Jersey Atlantic County Mays Landing
Tags:
market trends
adult community homes for sale
08330
homes for sale mays landing
homes sold mays landing nj
condos for sale mays landing nj
condos sold mays landing nj
adult community homes sold mays landing

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,720,014
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for the market update. It is always great to know what is going on around the country!

Aug 15, 2015 05:04 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
404,929

Bill and MaryAnn Wagner

Jersey Shore and South Jersey Real Estate
Want to know more about Real Estate in South Jersey?
*
*
*
*
Spam prevention

Additional Information