Homes for Sale Galloway Township NJ Market Trends October 2015

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

Homes for Sale Galloway Township NJ Market Trends October 2015

Single Family

The Galloway Township Real Estate Market saw mixed results in October. October saw a 63.4% increase in the number of new listings coming on the market compared to October of 2014. 67 new single family homes where introduced to the market.

The number of Galloway Township single family homes for sale in the year to date period ending October is up .2% over the previous year to date period.

Sold properties in October where flat with 22 sold single family properties. This brings the current total of sold properties for the year to date period to 197. This is a 10.7% increase over the previous year to date period.

Single Family Galloway NJ October 2015

Combined, the total number of newly listed Galloway Township NJ Homes for Sale and total inventory, versus the number of properties being sold, has decreased the months supply of inventory to 15 months. A 17.1% decrease from 2014. This denotes an extremely strong Buyers Market.

Average Days on Market in October were up 237.9% to 196 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. For the year to date running period, which provides a more reliable gauge, Days on Market have increased 20.4% to 118 days. 

There continues to be a significant percentage of Short Sale Homes for Sale in Galloway Township, NJ. They are however, closing considerably faster than they were a year ago. Short Sales presently represent 13.2% of the market inventory. Bank Owned Foreclosure properties currently represent 10.2% of market inventory. 

Median Sale Prices for this October were up 1.1% from October 2014.  Year to date the median sale price is down 7.5% to $185,000. It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township Market can stabilize.

 

55+ Adult Community Homes 

The number of newly listed Galloway Township Adult Community homes for sale in October were even with October 2014. 6 new listings where introduced to the market in August. Year to date the number of new listings is up 11.1%.

There were 7 sold properties in October. Up 16.7% from last October. This brings the current total of sold properties year to date to 35. 1 less than the prior year to date period.

Combined, the total number of newly listed Galloway Township NJ Adult Community Homes for Sale and total inventory versus the number of properties being sold has pushed the months supply of inventory to 13.3 months. A 51.1% increase from 2014. This denotes a strong Buyer's Market, and it is a dramatic increase from 8.8 months last year.

Adult Community Galloway NJ October 2015 

Days on Market for October were 231.  Average Days on Market year to date is 150. 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. 

The Median Sale Price for this October was $188,000. This is a .3% increase from October 2014. 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  3 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median. The year to date period, which provides a more reliable gauge, shows an increase of 9.7% to $203,000. 

It will be interesting to see if, in fact, Median Sale prices of Homes for Sale in the Galloway Township 55 + Adult Community Market will able to gain any traction. 

 

Condos 

October saw an 21.4% increase in new listings coming on the market over October 2014. 17 new condos where introduced to the market. Which is 3 more listing than in October 2014.

The number of new condo listings of Galloway Township Condos for Sale year to date is up 18.1% over the previous year to date period.

Sold properties in October were up 33.3% from last October with 8 sold condominium properties. This brings the current total of sold properties year to date to 99. This represents a 57.1% increase from last year to date.

Combined, the total number of new Condo listings for Sale in Galloway Township, NJ  and total inventory versus the number of properties being sold has allowed the months supply of inventory to decrease by 33.7% to 11 months of supply. This denotes a very strong Buyer's Market but is an improvement from 16.6 months last year.

Condos Galloway NJ October 2015

Average Days on Market in October were up 99.1% to 211 days.  Year to date, Days on Market is up 8.5% to 102 days. Roughly 3 1/2 months. The Days on Market only reflects the properties that have sold and not an average of the total inventory that is currently available. 

A large percentage of listings are Short Sale Condos for Sale in Galloway Township, NJ. Short Sales Condos currently represent 24% of the market listings. Bank Owned Foreclosure properties represent 18% of market inventory.

Median Sale Prices for this October were down 18% from October 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 10 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 are down 5.8% from last year.

Do to the economic environment many condo associations are experiencing delinquency rates in the collection of monthly condominium association fees. This makes the units ineligble 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 Galloway Township. A large percentage of purchases have been made by investors.

Galloway NJ Graph October 2015

Median Sale prices overall for condos are very unlikely to gain any traction in the Galloway Township Market.

With supply remaining high, and growing, demand light, and the possibility of increasing interest rates, the Median Sale prices will have no option but to go down. When interest rates increase, buyers qualify for lower mortgages. 

Overall

The closing of 4 casinos, and the possibility of a fifth, has had a major affect on market prices. Unemployment continues to increase to the highest level 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. Adult community homes are less sensitive to employment numbers because many occupants are retired. 

Mortgage Rates are also predicted to gradually climb and at this writing are in the 4% range. As can be seen in the above graph, we continue to stay in the same side ways price channel we've been in for the last three years.

 

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Homes for Sale Galloway Township NJ Market Trends October 2015

By Bill Wagner

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

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Comments (1)

Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

The markets are racing toward a continued record all-time close.  I hope your sales do equally as well reaching new heights for the year.

Dec 14, 2016 10:09 PM