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

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
https://activerain.com/droplet/4M2F

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

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

Single Family

November saw a 20% increase in new listings coming on the market over November 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 November is up 7.2% over the same period last year. A total of 400 single family homes have been listed year to date.

The number of sold properties in November where down 26.7%. There were 11 sold single family properties. This brings the current total of sold properties for the year to date period to 192. A 33.3% 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 brought the months supply of inventory to 14.1 months. This denotes an extremely strong Buyers Market but is down from 17.1 months last November.

Single Family Mays Landing NJ

Average Days on Market are up 55.2% for November to over 5 months. The total days for the year to date period is up 15.2% at 114 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 15.4 percent of the market sales. Short sales generally take longer to close so they directly affect the days on market.

Bank Owned Properties account for 9.3% of available listings.

 

Median Sale Prices for this November were up 1.2% from November 2014. The year to date Median Sale Price is down 7.1%. 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 November were were down 16.7% from November 2014. 5 new listings where introduced to the market in November. Year to date the number of new listings are down 4.8%.

Sold properties in November where even with November 2014 with 2 sold adult community homes. Year to date sold properties are down 4.8% to 40 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 8.8 months. A 12% decrease from 2014. This denotes a Buyers Market.

Adult Community Mays Landing 

Days on Market for November were 250 representing an increase of 135.8% from last November. Average Days on Market year to date is up 39.6% to 127 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 November were down 9% to $73,750. 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 4 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 2.4% to 97,500. 

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 November. November saw an 14.3% increase in the number of new listings coming on the market from November 2014. 8 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 November is up 11.6% from the previous year to date period.

Sold properties in November where up 66.7% with 5 sold condominiums. This brings the current total of sold properties for the year to date period to 64. This represents a 25.5% increase 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 28.9% to 9.6 months of supply. This denotes a buyer's market but is an improvement from 13.5% last year.

Condos Mays Landing November 2015

Average Days on Market for November were up 70.7% to 99 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 up 9.8% to 101 days

Median Sale Prices for this November were up 24.8% from November 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 18.2% 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 November 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

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