Homes for Sale Brigantine, NJ - Market Trends November 2015
The Brigantine Real Estate Market is showing a slight improvement for November. November saw a 23.5% increase in new listings coming on the market over November of 2014. 42 new single family homes where introduced to the market.
Sold properties in November where up 10% with 11 sold single family properties. Sold properties for the year to date period are up 21.1% to 155 sold properties. This is up from 128 closed last year.
Combined, the total number of new listings of Brigantine NJ Homes for Sale and total inventory, versus the number of properties being sold, has decreased the months supply of inventory to 26.1 months an 11% decrease. This denotes an extremely strong Buyers Market. New inventory is still outpacing sales by a significant margin.
Average Days on Market where up 42.6% to 211 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 are 159. A 28.2% increase from 2014
Median Sale Prices for this November were up 10.1% over November 2014. The year to date Median Sale Price is up 11.4%.
Condos for Sale Brigantine, NJ Real Estate Market Trends November 2015
The Brigantine Real Estate Market for Condos is showing mixed results for November. New listings coming on the market were even with November 2014. 11 new condos where introduced to the market.
The number of new listings of Brigantine NJ Condos for Sale in the year to date period is the up 3.7%.
Sold properties in November were up 200% with 9 sold condominium properties. This brings the current total of sold properties for the year to date period to 98. This represents a 42% decrease over last year.
Combined, the total number of new Condo listings for Sale in Brigantine NJ and total inventory versus the number of properties being sold has decreased the months supply of inventory to 22.3 months. A 30.3% decrease from November 2014. This denotes an extremely strong Buyers Market but represents a decrease from 32 months last year.
Average Days on Market for November were up 484.4% to 187 days. Considering the low number of sales, one 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 156.
Median Sale Prices for this November are up 17.1% from November 2014. The year to date Median Sale Price is down 9.8% from last November. 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 9 sold properties per month, a very low sale or a very high sale can cause a large deflection in the Median.
The closing of 4 casinos 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. Recent events in Atlantic City may well provide the foundation for the beginnings of a recovery.
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.
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.
Homes for Sale Brigantine, NJ - Real Estate Market Trends November 2015
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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