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, 2Q18 is DOWN 2% 📉 in terms of Total Transactions Year over Year.   However this is due to the fact that the total inventory of available homes is currently at historically low levels.  In Fact the number of Listings Taken in the Second quarter of 2018 was DOWN for the SECOND Consecutive year. 






2014
2015
2016
2017
2018
Second Quarter Sales
759
880
1144
1300
1273
% Change y/o/y
-1%
+16%
+30%
+14%
-2%
Second Quarter Listings Taken
2182
2357
2362
2162
2184
% Change y/o/y
+17%
+8%
<1%
-8%
+1%


Median Sales Price

Median Sales Price saw it's 5th consecutive quarterly up tick in the 2nd quarter 2018!  The Second Quarter of 2017 marked the first up tick in 5 years since the beginning of the Casino Closures and sharp increase in local unemployment.  

What a Different 10 Years makes!

Affordability remains at an all time high with Median Sale Price 28% LOWER than Median Sales Price in 2008!..... when interest rates were between 6.5% - 6.75%!

In terms of monthly payment.. that means that the same house today cost over 44% Less in Monthly Mortage payment. (*Principle and Interest based on 2008 Median Price & July, 2008 Interest Rate versus 2018 Median Sale Price & July 2018 Interest Rate.)

The number of Bank Owned Sales maintained a high level of nearly 1 in 5 homes sold... impacting median sales price county wide.

The 2nd Quarter Result was an increase in Median Sale Price of 7% Year of Year.


Year
Number of Second Quarter Sales
Median Sale Price
% Change y/o/y
2018
1273
$174,000
+7%
2017
1300
$162,750
+2%
2016
1144
$159,450
-8.6%
2015
880
$174,500
-8%
2014
759
$190,000
-3.7%
2013
770
$197,250
+2%
2012
769
$193,000
-5%
2011
673
$204,000
<1%
2010
830
$205,000
-2%

 

The Bank Owned Impact

Median sales price continues to be influenced by the high number of Bank Foreclosed sales.  However, the Number of Sales of Bank Owned Properties in 2Q18 held steady at the same high level for the second quarter of 2017....  but represents a sharp decline from the 27% of all sales in Q1 of 2017.  A percentage we DO NOT expect to return to.

While new foreclosure completions and REO listings/sales are maintaing a high level.... the vast majority of these foreclosure competitions initiated over 5+ years ago. 

The great 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.


Second
Quarter
Number of Bank Owned Sales
Percentage of Total Sales
Median Sale Price of Bank Owned
Median Sale Price of Non-Distressed
2018
224
18%
$115,000
$220,000
2017
245
19%
$92,000
$214,000
2016
211
18%
$87,000
$205,000
2015
96
11%
$91,911
$219,450
2014
53
7%
$100,00
$220,000
2013
39
5%
$140,000
$221,500
2012
25
3.3%
$125,000
$219,750
2011
41
6%
$125,000
$240,000
2010
62
7.5%
$153,000
$225,000

📊 2Q18 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS


Atlantic County - Mainland area Towns & Communities:

Town
2Q17 Sales
2Q18 Sales
% Change
2Q17 Median $
2Q18 Median $
% Change
Linwood
38
45
+18%
$208,750
$221,000
+6%
Northfield
36
35
+3%
$145,250
$175,000
+20%
Somers Point
52
48
-8%
$177,000
$166,250
-6%
Absecon
45
49
-9%
$155,000
$137,000
-11.6%
Pleasantville
64
72
+12.5%
$49,450
$56,587
+14.4%
Egg Harbor City
22
23
+5%
$81,000
$117,500
+45%
Egg Harbor Township
202
190
-6%
$171,500
$194,450
+13.4%
Galloway Township
181
203
+12%
$151,000
$151,500
<1%
Hamilton Township
121
103
-15%
$120,000
$140,000
+17%
Mullica Township
20
13
-35%
$132,500
$180,000
+36%
Hammonton
37
28
-24%
$179,900
$209,250
+16%

Southern New Jersey's Popular Seashore Communities:

Town
2Q17 Sales
2Q18 Sales
% Change
2Q17 Median $
2Q18 Median $
% Change
Ventnor
80
85
+6.25%
$202,500
$225,000
+11%
Margate
87
93
+7%
$460,000
$450,000
-2%
Longport
14
14
unch
$765,000
$662,500
-13.4%
Atlantic City
118
97
-18%
$63,000
$72,100
+14.4%
Brigantine
129
133
+3%
$255,000
$280,500
+10%
Ocean City
314
275
-12.4%
$512,500
$515,000
<1%
Upper Township
67
48
-28%
$255,000
$275,000
+8%


📊 The 2017 Multi-Family Report - Atlantic City

Full Year Broad Market Report Methodology: This is a deep dive into Multi-Family Sales Act...

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