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April 2019 ABSORPTION REPORT

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: The Current Monthly Supply... 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
1Q18
Listings Taken
1Q19
% Change
Current Inventory
Absorption Rate (Month's Supply)
Days on Market
Linwood
6556-13.8%839135
Northfield
5477+42.6%71
6118
Somers Point
8489+6.0%948117
Absecon
65650%53488
Pleasantville
10393-9.7%795109
Egg Harbor City
3331-6.1%28683
Egg Harbor Township
298318+6.7%3026154
Galloway Township
228220-3.5%2185168
Hamilton Township
168161-4.2%1775130
Mullica Township
3227-15.6%331082
Hammonton
2835+25.0%436132

Seashore Communities

Town
Listings Taken
1Q18
Listings Taken
1Q19
% Change
Current Inventory
Absorption Rate (Month's Supply)
Days on Market
Ventnor
147150+2.0%2019113
Margate
247237-4.0%32115126
Longport
4950+2.0%10621170
Brigantine
248261+5.2%35211147
Atlantic City
185242+30.8%33411175
Ocean City
427486+13.8%5498113
Upper Township
7194+32.4%105897

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(Starter Homes), Above Median(Trade Up Homes) and 2X Median (Premium or 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 1Q19 Median Sale Price:

a.) Below Median Sale Price (Starter Homes)

b.) Above Median Sale price up to 2 times median (Trade Up Homes)

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


Town
1Q19 Median $

Absorption Rate
Below Median
(Month's Supply)
Absorption Rate
Supply Above Median
(Month's Supply)
Absorption Rate
 2X Above Median
(Month's Supply)
Linwood
$239,900
61140
Northfield
$199,000
410-
Somers Point
$190,000
4928
Absecon
$149,000
2621
Pleasantville
$85,525
3630
Egg Harbor City
$55,100
2513
Egg Harbor Township
$187,000
3643
Galloway Township
$170,000
3618
Hamilton Township
$139,500
3511
Mullica Township
$100,000
4521
Hammonton
$174,900
3630

Seashore Communities

Town
1Q19 Median $
Absorption Rate
Below Median
(Month's Supply)
Absorption Rate
 Above Median
(Month's Supply)
Absorption Rate
 2X Above Median
(Month's Supply)
Ventnor
$225,000
51016
Margate
$454,500
72343
Longport
$925,000
172723
Brigantine
$280,000
71018
Atlantic City
$80,000
61139
Ocean City
$505,000
7913
Upper Township
$271,950
9552


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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