📈 Dwell Real Estate South Jersey 1Q18 Market Report
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.
|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|
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|
For a Detailed Look at Your Southern New Jersey Community, View our Town Details Portion:
Atlantic County - Mainland area Towns & Communities: Town 1Q17 Sales 1Q18 Sales %...
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