Our Summary report of the Broad Atlantic County Market includes Single Family Residential Homes and Condominium Homes. Excluded from the date are Multi-Family, Commercial and Land Transactions.
At a Glance, 4Q17 is UP 13.3% 📈 in terms of Total Transactions Year over Year. And Year End sales for the Year 2017 are UP 14.5% year over year! Homes are Selling at the Highest Rate in Atlantic County since 2005!
|Fourth Quarter Sales||716||880||1058||1199|
|% Change y/o/y||no change||+23%||+20||+13.3%|
|2017 Year End Sales||2804||3390||4127||4725|
|% Change y/o/y||-2%||+21%||+22%||+14.5%|
Median Sales Price
Median Sales Price saw it's third consecutive quarterly up tick in the 4th quarter 2017! The Second Quarter marked the first up tick in 5 years since the beginning of the Casino Closures and sharp increase in local unemployment. The number of Bank Owned Sales saw a noted reduction from 1 in 4 Home sales in the First Quarter to 1 in 6 Homes Sold being a Bank owned Property in the Fourth Quarter.
The 4th Quarter Result was an increase in Median Sale Price of 8.3% Year of Year.
|Year||Number of Fourth Quarter Sales||Median Sale Price|
The Bank Owned Impact
Median sales price was influenced by the continued high number of Bank Foreclosed sales. However, the Number of Sales of Bank Owned Properties in 4Q17 declined for the second consecutive quarter... from 27% of all sales in Q1 to 18.4% of all Sales in Q4. The total number of bank owned sales for the Fourth Quarter declined 7.5% year over year. This is a positive sign in terms of momentum as the bank inventory continues to absorb as fast as it becomes available and we are seeing a increase in traditional sales.
And in even better news... clearly there is light at the end of the tunnel. For one, the good news is the number of sales are increasing at a faster clip than foreclosure listings are coming onto the market. Our inventories continue to become lower quarter to quarter and even month to month.
While new foreclosure completions and REO listings/sales are occurring (& up to an all time high in Atlantic County year over year).... the vast majority of these foreclosure competitions initiated over 5 years ago.
The really good news is that new foreclosure filings are dramatically lower year over year. Over 76% lower in RealtyTrac.com's December, 2017 report. And New Foreclosure Filings are DOWN 29% for the calendar year 2017, year over year.
|Fourth Quarter||Number of Bank Owned Sales||Percentage of Total Sales||Median Sale Price of Bank Owned||Median Sale Price of Non-Distressed|
YEAR END Totals - 5 Year Look Back - Atlantic County, NJ
|# Bank Sales||130||186||431||828||938|
Percentage of Total Sales
|Median $ Bank Sales||$113,424||$101,375||$85,000||$79,894||$85,000|
|Median $ Non-Distressed||$220,500||$215,000||$215,000||$210,000||$215,000|
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📊 4Q17 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS...