📈 Dwell Real Estate South Jersey 2017 Year End 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, 4Q17 is UP 7% 📈 in terms of Total Transactions Year over Year. And Year to Date Sales through the 3rd Quarter are UP 14% year over year! Homes are Selling at the Highest Rate in Atlantic County since 2005!
|Forth Quarter Sales||779||1013||1147||1226|
|% Change y/o/y||-5%||+30%||+13%||+7%|
|2017 Year End Sales||2088||2508||3068||3471|
|% Change y/o/y||-3%||+20%||+22%||+13%|
Median Sales Price
Median Sales Price saw it's second consecutive quarterly up tick in the 4th quarter 2017! The Second Quarter 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 saw a noted reduction from 1 in 4 Home sales in the First Quarter to 1 in 6 Homes Sold being a Bank owned Property in the Forth Quarter.
The Result was an increase in Median Sale Price of 7.6% Year of Year.
|Year||Number of Forth Quarter Sales||Median Sale Price|
Year End 5 Year Look Back
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 3Q17 declined for the second consecutive quarter... from 27% of all sales in Q1 to 17% of all Sales in Q3. The total number of bank owned sales for the Third Quarter remained relatively flat year over year. This is a positive sign in terms of momentum as the bank inventory continues to absorb as fast as it becomes available and we are seeing a increase in traditional sales.
Despite a sharp increase in overall median sale price... the high volume of Bank Owned inventory continues to negatively impact the Median Sales Prices Countywide.
This is identified when we separate the Bank Owned Sales from the Non-Distressed Sales for the Third Quarter in Atlantic County.
|Forth Quarter||Number of Bank Owned Sales||Percentage of Total Sales||Median Sale Price of Bank Owned||Median Sale Price of Non-Distressed|