Homes for Sale Galloway Township NJ Market Trends January 2016

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Real Estate Sales Representative with Wagner Real Estate Group NJ License 7872204
https://activerain.com/droplet/4P4R

Homes for Sale Galloway Township NJ Market Trends January 2016

Single Family

The Galloway Township Real Estate Market saw mixed results in January. January saw a 12.8% decrease in the number of new listings coming on the market compared to January of 2015. 34 new single family homes where introduced to the market.

The number of Galloway Township single family homes for sale are down from last January.

Sold properties in January where up 13.3 with 17 sold single family properties. 

Galloway Single Family Homes January 2016

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 12.4 months. A 23% decrease from 2015. This denotes an extremely strong Buyers Market. But it is an improvement from lasy year

Average Days on Market in January were even with last year. 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. 

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 13.9% of the market inventory. Bank Owned Foreclosure properties currently represent 10% of market inventory. 

Median Sale Prices for this January were down 17.3% from January 2015. 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 January 2016 were up from January 2015. 11 new listings where introduced to the market in January. That's a 120% increase from last year.

There were 3 sold properties in January. Up 50% from last January. 

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 9.5 months. A 2.1% decrease from 2015. This denotes a strong Buyer's Market, and it is a slight decrease from 9.7 months last year.

Galloway Adult Community Homes January 2016 

Days on Market for January were 114. 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 January was $190,000. This is a 22.1% decrease from January 2015. 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. 

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 

January saw the same number of new listings coming on the market as January 2015. 15 new condos where introduced to the market. 

The number of new condo listings of Galloway Township Condos for Sale is likely to increase.

Sold properties in January were down 42.9% from last January with 4 sold condominium properties. 

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 26% to 9.4 months of supply. This denotes a very strong Buyer's Market but is an improvement from 12.7 months last year.

Galloway Condos January 2016

Average Days on Market in January were up 16.9% to 138 days. 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 25.7% of the market listings. Bank Owned Foreclosure properties represent 16.2% of market inventory.

Median Sale Prices for this January were up 9.1% from January 2015. 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. 

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 Graph January 2016

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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