Homes for Sale - Egg Harbor Twp, NJ - Real Estate Trends - July 2015
Single Family
Homes for Sale in the Egg Harbor Township Real Estate Market are showing mixed improvement this July. July saw a 7.1% increase in new listings coming on the market over July of 2014. 91 new single family homes where introduced to the market.
The number of newly listed single family Homes for Sale in Egg Harbor Township, NJ during the year to date period ending July is up 8.3% over the previous year to date period.
Sold properties in July where down 10.8% from last July with 33 sold single family properties. This brings the current total of sold properties for the year to date period to 209. A 6.1% increase over the previous year to date period.
Combined, the total number of newly listed Egg Harbor Township NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 16.3 months. An 8.7% increase from July 2014. This denotes an extremely strong Buyers Market.
Average Days on Market in July were up 5.8% from last July at 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.
Short Sale properties in Egg Harbor Township, NJ presently represent 20+ percent of the market sales.
Median Sale Prices for this July were down 2.9% from July 2014. The year to date Median Sale Price is up .6%. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Egg Harbor Township, NJ have begun to stabilize.
Homes for Sale 55+ Adult Communities - Egg Harbor Twp., NJ March 2015
Adult Communities
The Homes for Sale in the Egg Harbor Twp. 55+ Adult Community Real Estate Market had mixed results in July. July saw a 20% decrease in new listings coming on the market over July 2014. 4 new adult community homes were introduced to the market.
The number of newly listed Egg Harbor Twp. 55+ Adult Community Homes for Sale in the year to date period ending July is up 54.8% from the previous year to date period. 48 properties have been listed.
Sold properties in July where up 500% with 6 sold adult community properties. This brings the current total of sold properties for the year to date period to 17. A 6.3% increase over the previous year to date period.
Combined, the total number of newly listed Egg Harbor Twp. NJ 55+ Adult Community Homes for Sale and total inventory versus the number of properties being sold has forced the months supply of inventory to increase to 14.8 months. A 114.5% increase from 2014. This denotes an extremely strong Buyer's Market.
Average Days on Market in July was 70 days. Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available.
Average Days on Market for the year to date period is down 29.6% to 100 days.
Median Sale Prices for this July were $223,500. 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 only 17 sold properties year to date, a very low sale or a very high sale can cause a large deflection in the Median. The year to date Median Sale Price is down 8.9% to 210,000.
It will be interesting to see if Median Sale prices of Homes for Sale in the Egg Harbor Twp. 55+ Adult Community Market will start to stabilize.
Condos for Sale - Egg Harbor Township, NJ - Market Trends March 2015
The Egg Harbor Township Condominium Market is showing some improvement in July. July saw a decrease in new listings coming on the market over July 2014. 9 new condos where introduced to the market. This is an 35.7% decrease from July 2014.
The number of new listings of Egg Harbor Township Condos for Sale in the year to date period ending July is up 59.4% over the previous year to date period.
There were 4 sold properties in July, 33.3% less than last year. This brings the current total of sold properties for the year to date period to 33. This is a 13.8% increase from the previous year to date period.
Combined, the total number of new Condo listings for Sale in Egg Harbor Township, NJ and total inventory versus the number of properties being sold has pushed the months supply of inventory down by 11% to 13.7 months of supply. This denotes a strong Buyer's Market but is an improvement from 15.4 months last year.
Average Days on Market were up 47% from last July to 97 days. Days on Market year to date is down 44.3% to 59. 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 up 7.8% to $82,500. 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 less than 5 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. Year to date, which provides a more reliable gauge, Median Sale Prices have increased 10.4%.
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% downpayment. Additionally, the loss of USDA financing availability in Egg Harbor Township as of January, has made low down payment purchases impossible. Substantially reducing the pool of available buyers. This factor will continue to keep downward price pressure on the Condos for Sale in Egg Harbor Township. The largest percentage of purchasers are investors.
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. Recent events in Atlantic City will hopefully begin to turn the tide on our depressed real estate market.
Mortgage Rates 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 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.
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Real Estate Trends - Homes for Sale - Egg Harbor Township - July 2015 08234
By Bill Wagner
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