Homes for Sale Brigantine, NJ - Market Trends January 2016
The Brigantine Real Estate Market is showing mixed results for January. January saw a 14% increase in new listings coming on the market over January of 2015. 57 new single family homes where introduced to the market.
Sold properties in January where down 27.3% with 8 sold single family properties.
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 25.6 months a 6.9% decrease. This denotes an extremely strong Buyers Market. New inventory is still outpacing sales by a significant margin.
Average Days on Market where up 106% to 206 days. 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 January fell 24.4% from January 2015.
Condos for Sale Brigantine, NJ Real Estate Market Trends January 2016
The Brigantine Real Estate Market for Condos is showing mixed results for January. New listings coming on the market were down 55.1% from January 2015. 22 new condos where introduced to the market.
Sold properties in January were up 66.7% with 5 sold condominium properties.
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 29% decrease from January 2015. This denotes an extremely strong Buyers Market but represents a decrease from 31.4 months last year.
Average Days on Market for January were up 58.7% to 165 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 January are down 17% 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. With 5 sold properties this 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 January 2016
By Bill Wagner
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Content written and published by Bill Wagner - Wagner Real Estate Group
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