Homes for Sale Margate NJ Real Estate Trends July 2015

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204

Homes for Sale Margate NJ Real Estate Trends July 2015

Single Family

Homes for Sale in the Margate Real Estate Market are showing some improvement in July. July saw an 22.2% increase in new listings coming on the market over July of 2014. 55 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 July is up 15.9% over the previous year to date period.

Sold properties in July where up 100% with 16 sold single family properties. This brings the current total of sold properties for the year to date period to 93. This represents a 14.8% 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.

Homes for Sale Margate NJ July 2015

Average Days on Market were up 3.2% 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 90, a 26.2% decrease from  the previous year to date period.

Median Sale Prices for this July were up 56.8% from July 2014. The year to date Median Sale Price is up 8.4%. 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. 

 

Condos for Sale Margate, NJ - Real Estate Market Trends - July 2015

 

The Margate Real Estate Market for Condos was sluggish in July. July saw a 7.7% increase in new listings coming on the market compared to July of 2014. 28 new condos where introduced to the market. Which is 2 more than July of 2014.

The number of new listings of Margate NJ Condos for Sale in the year to date period ending July is 7.7% less than the previous year to date period.

Sold properties in July were down 50% with 5 sold condominium properties. This brings the current total of sold properties for the year to date period to 46. This represents an 6.1% decrease 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 increased the months supply of inventory by 28.6% to 26.8 months of supply. This still denotes an extremely strong Buyers Market and is up from 20.6 months last July. 

COndos for Sale Margate NJ July 2015

Average Days on Market for July were down 30.9% percent to 94 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 July were down 11.1% from July 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. 

Margate Graph July 2015

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 - July 2015

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

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