At a Glance, 2Q17 is UP 8.5% in terms of Total Transactions Year over Year.  There were more sales in the First Half of 2017 than any other 1H dating all the way back to 2005! First Half Sales UP 14%



2014
2015
2016
2017
Second Quarter Sales
75987911371233
% Change y/o/y
-1%
+16%
+29%
+8.5%
1H Sales1309149419172187
% Change y/o/y
-1%+14%
+28%+14%

Median Sales Price

Median Sales Price saw it's 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 to  1 in 5 Homes Sold being a Bank owned Property.

The Result was an increase in Median Sale Price of 3% Year of Year.


First Quarter
Number of Second Quarter Sales
Median Sale Price
2017
1233$164,900
2016
1137$160,000
2015
861$175,000
2014
759$190,000
2013
770$197,250
2012
769$193,000
2011
673$204,000
2010
830$205,000

 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 2Q17 declined from 27% of all sales in Q1 to 19% of all Sales in Q2.  There was an increase in bank owned sales of 11% year of year for the Second Quarter.   

The high volume Bank Owned inventory is certainly positively increasing the number of total sales, it also negatively impacting the Median Sales Prices Countywide.  The is identified when we separate the Bank Owned Sales from the Non-Distressed Sales for the Second Quarter in Atlantic County.

Second Quarter
Number of Bank Owned Sales
Percentage of Total Sales
Median Sale Price of Bank Owned
Median Sale Price of Non-Distressed
2017
23419%
$93,000
$215,000
2016
21118%
$87,000
$205,000
2015
9511%
$91,823
$219,450
2014
537%
$100,000
$220,000
2013
39
5%
$140,000
$221,500
2012
253.3%
$125,000
$219,750
2011
416%
$125,000
$240,000
2010
627.5%
$153,000
$225,000

For a Detailed Look at Your Southern New Jersey Community, View our Town Details Portion:


2Q17 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS

Atlantic County - Mainland area Towns & Communities:   Town  2Q16 Sales  2Q17 Sales  %...

Read More