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.
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 |
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 |
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')
Town | 1Q17 Median $ | Absorption Below Median | Absorption Above Median | Absorption at 2X+ Median |
---|---|---|---|---|
Linwood | $197,000 | 6.25 | 17 | 49 |
Northfield | $170,000 | 5.99 | 5.11 | 21 |
Somers Point | $150,000 | 3.66 | 11.37 | 50 |
Absecon | $109,500 | 1.8 | 12 | 18 |
Pleasantville | $45,000 | 4.03 | 8.55 | 9.47 |
Egg Harbor City | $77,500 | 12.67 | 10.38 | 18.2 |
Egg Harbor Township | $157,000 | 4.85 | 8.1 | 26 |
Galloway Township | $118,450 | 3.8 | 7.34 | 16.94 |
Hamilton Township | $105,000 | 3.96 | 7.19 | 19.25 |
Mullica Township | $84,900 | 11.97 | 12 | 13.7 |
Hammonton | $160,000 | 4.55 | 5.12 | 13.25 |
Town | 1Q17 Median $ | Absorption Below Median | Absorption Above Median | Absorption at 2X+ Median |
---|---|---|---|---|
Ventnor | $207,500 | 8.24 | 16.75 | 15.4 |
Margate | $480,000 | 9.57 | 23 | 26.7 |
Longport | $999,000 | 27.2 | 109 | 17.1 |
Brigantine | $296,500 | 7.18 | 15.24 | 20.6 |
Atlantic City | $55,000 | 3 | 12.8 | 24.35 |
Ocean City | $515,000 | 7.26 | 7.52 | 15.23 |
Upper Township | $244,000 | 6 | 8.6 | 9.3 |
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