Home > Blogs > Bill and MaryAnn Wagner > Bill and Mary Ann - Wagner Real Estate Group

Homes for Sale Longport NJ Real Estate Trends July 2015

By Bill and MaryAnn Wagner

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

August 16, 2015 02:41 AM

Homes for Sale Longport NJ Real Estate Trends July 2015

Single Family

Homes for Sale in the Longport Real Estate Market are showing mixed results in July. July saw a 55.6% increase in new listings coming on the market over July of 2014. 14 newly listed single family homes where introduced to the market.

The number of newly listed Longport single family homes for sale in the year to date period ending July is up 4.3% over the previous year to date period.

Sold properties in July where up 33.3% with 4 sold single family properties. This brings the current total of sold properties for the year to date period to 23. This represents a 15% increase over the previous year to date period.

Combined, the total number of new listings of Longport NJ Homes for Sale and total inventory versus the number of properties being sold has allowed the months supply of inventory to increase to 22.5 months. This denotes an extremely strong Buyers Market.

single family homes for sale lonport nj july 2015

Average Days on Market were up 60.6% to just over 5 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 149, a 3.9% decrease from the previous year to date period.

Median Sale Prices for this July were up 13.7% from July 2014. The year to date Median Sale Price is down 30.4%. It should be interesting to watch the Longport 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 Longport, NJ - Real Estate Market Trends - July 2015

The Longport Real Estate Market for Condos was sluggish in July. July saw a 25% decrease in new listings coming on the market compared to July of 2014. 6 new condos where introduced to the market. Which is 2 less than July of 2014.

The number of new listings of Longport NJ Condos for Sale in the year to date period ending July increased 6.3% from the previous year to date period.

There were no sold condos in July. The current total of sold properties for the year to date period is 7. This represents an 16.7% increase over the previous year to date period.

Combined, the total number of new Condo listings for Sale in Longport NJ and total inventory versus the number of properties being sold, has decreased the months supply of inventory by .9% to 22.4 months of supply. This still denotes an extremely strong Buyers Market and is downslightly from 22.6 months last July.

Condosfor sale longport nj july 2015

Average Days on Market for July did not exist with no sales. 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 131, 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 non existent. The year to date Median Sale Price is up 21%. 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 1 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.

longport graph july 2015