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📈 Dwell Real Estate South Jersey 1Q18 Market Report

Anthony D'Alicandro

Anthony is a licensed Real Estate Broker in NJ & PA...

Anthony is a licensed Real Estate Broker in NJ & PA...

Sep 30 4 minutes read

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, 1Q18 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 first quarter of 2018 was DOWN for the SECOND Consecutive year. 



2015
2016
2017
2018
First Quarter Sales
620
781
963
941
% Change y/o/y
+12%
+26%
+24
-2%
First Quarter Listings Taken
2183
2322
2234
2089
% Change y/o/y
+11%
+6.4
-4%
-6.5%

Median Sales Price

Median Sales Price saw it's FOURTH consecutive quarterly up tick in the 1st quarter 2018! and the largest price increase in over 10 Years!  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.  The number of Bank Owned Sales maintained a high level of nearly 1 in 4 homes sold... impacting median sales price county wide.

The 1st Quarter Result was an increase in Median Sale Price of 14% Year of Year.


Year
Number of First Quarter Sales
Median Sale Price
2018
941
$155,100
2017
963
$135,900
2016
781
$147,500
2015
620
$174,000
2014
552
$166,700
2013
554
$174,950
2012
571
$193,000
2011
488
$188,500
2010
518
$199,000

 

The Bank Owned Impact

Median sales price was influenced by the continued high number of Bank Foreclosed sales.  However, the Number of Sales of Bank Owned Properties in 1Q18 maintained a high level but declined year of year... from 27% of all sales in Q1 of 2017 to 22% of all Sales in Q1 of 2018.  

While new foreclosure completions and REO listings/sales are occurring (& up to an all time high in Atlantic County in 2017).... 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.


First Quarter
Number of Bank Owned Sales
Percentage of Total Sales
Median Sale Price of Bank Owned
Median Sale Price of Non-Distressed
2018
207
22%
$99,000
$218,950
2017
248
27%
$77,000
$210,000
2016
169
22%
$85,000
$200,000
2015
71
11%
$93,299
$220,000
2014
47
7.5%
$110,000
$200,000
2013
31
5.5%
$112,799
$202,000
2012
37
6.5%
$161,500
$220,000
2011
65
13.3%
$123,000
$225,000
2010
54
10.4%
$175,750
$221,000


For a Detailed Look at Your Southern New Jersey Community, View our Town Details Portion:

1Q18 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS

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