Our Methodology:

Current Inventory: Number of currently active listings as reported to the South Jersey Shore regional MLS at the beginning of the month.  Our Report aggregates data for Residential Single Family and Condominiums Homes only.  Multi-Family, Commercial and Land listings are excluded from this study.

Absorption Rate: How many months it would take to sell all active listings in a given market.  We calculate it by dividing the number of listings by the average number of closings over the prior 6 months. Historically, an absorption rate between 6-7 months indicates a balanced market.

Here is a Look at Current Absorption Rates for the Towns and Communities around Southern New Jersey.

Town
Listings Taken
1Q16
Listings Taken
1Q17
% Change
Current Inventory
Absorption Rate
Days on Market
Linwood
70
54
-23%
100
13.6
162
Northfield
72
60
-17%
72
6.1
82
Somers Point
92
73
-21%
117
9.4
92
Absecon
68
76
+12%
100
7.8
133
Pleasantville
121
132
+9%
141
7
57
Egg Harbor City
37
27
-27%
47
13
102
Egg Harbor Township
306
324
+6%
399
7.7
84
Galloway Township
213
206
-3%
336
8.2
97
Hamilton Township
178
175
-2%
237
8
84
Mullica Township
26
19
-3%
41
11.2
132
Hammonton
46
69
+50%
65
5.4
75

Seashore Communities

Town
Listings Taken
1Q16
Listings Taken
1Q17
% Change
Current Inventory
Absorption Rate
Days on Market
Ventnor
181
189
+4%
260
12
100
Margate
249
236
-5%
352
16
116
Longport
50
71
+42%
120
33
334
Brigantine
293
227
-23%
412
13
141
Atlantic City
252
204
-19%
365
11.2
95
Ocean City
502
455
-9%
632
9.3
109
Upper Township
85
92
+8%
122
8
96

And Wait... There's More!

Because we're working in quite literally, perhaps the most segmented markets ever historically... We are taking it a step further and breaking down absorption rate based on price ranges.  Below Median, Above Median and 2X Median (Luxury).

It's time these segments have been formally published in a report so homeowners know how to properly gage the market conditions and the realistic likelihood of selling and selling quickly in today's market.

We've compiled that report.

Our report segments absorption rates in 3 price categories based on 1Q17 Median Sale Price:

a.) Below Median Sale Price

b.) Above Median Sale price up to 2 times median

c.) 2 times + Median (described as 'luxury')


Town1Q17 Median $Absorption Below MedianAbsorption Above MedianAbsorption at 2X+ Median
Linwood$197,000
6.251749
Northfield$170,000
5.995.1121
Somers Point$150,000
3.6611.3750
Absecon$109,500
1.81218
Pleasantville$45,000
4.038.559.47
Egg Harbor City$77,500
12.6710.3818.2
Egg Harbor Township$157,000
4.858.126
Galloway Township$118,450
3.87.3416.94
Hamilton Township$105,000
3.967.1919.25
Mullica Township$84,900
11.971213.7
Hammonton$160,000
4.555.1213.25

Seashore Communities

Town1Q17 Median $
Absorption Below Median
Absorption Above Median
Absorption at 2X+ Median
Ventnor$207,500
8.2416.7515.4
Margate$480,000
9.572326.7
Longport$999,000
27.210917.1
Brigantine$296,500
7.1815.2420.6
Atlantic City$55,000
312.824.35
Ocean City$515,000
7.267.5215.23
Upper Township$244,000
68.69.3


Our Goal is that each of our clients is best prepared to make the best possible and most educated decision regarding one of their most valuable assets. 

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