DWELL REAL ESTATE SOUTH JERSEY 1Q17 MARKET UPDATE
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, 1Q17 is UP 18% in terms of Total Transactions Year over Year. There were more sales in the First Quarter of 2017 than any other Q1 dating all the way back to 2006!
In addition, the First Quarter Historically Represents just under 20% of the total sales for the calendar year. At the current pace, Atlantic County is poised to see more sales take place since pre-bubble.
|First Quarter Sales||552||620||779||919|
|% Change y/o/y||-less than 1%||+12%||+26%||+18%|
|Total Year Sales||2813||3399||4210||4837*|
|1Q Sales as Percentage of Total Year||20%||18%||19%||*Projected Pace|
Median Sales Price
Median Sales Price took another sharp decline across the broad market. However, Median sales price was influenced by the sharp increase in the number of Bank Foreclosed sales. The Number of Sales of Bank Owned Properties in 1Q17 represented 27% of all sales. This was an increase in bank owned sales of 47% year of year for the First Quarter. The Result was a decline in Median Sale Price of 8% Year of Year.
|First Quarter||Number of First Quarter Sales||Median Sale Price|
The Bank Owned Impact
While the increase in Bank Owned inventory certainly positively increased the number of total sales for the First Quarter, it also negatively impacted the Median Sales Prices Countywide. The is identified when we separate the Bank Owned Sales from the Non-Distressed Sales for the First Quarter in Atlantic County.
|First Quarter||Number of Bank Owned Sales||Percentage of Total Sales||Median Sale Price of Bank Owned||Median Sale Price of Non-Distressed|
For a Detailed Look at Your Southern New Jersey Community, View our Town Details Portion:
Sales in Atlantic County in the First Quarter Hit the Highest Level and are off to the fas...
Data Source is Sales Reported to South Jersey Shore Regional MLS.