📈 Dwell Real Estate South Jersey 2Q18 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, 2Q18 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 Second quarter of 2018 was DOWN for the SECOND Consecutive year.
|Second Quarter Sales||759||880||1144||1300||1273|
|% Change y/o/y||-1%||+16%||+30%||+14%||-2%|
|Second Quarter Listings Taken||2182||2357||2362||2162||2184|
|% Change y/o/y||+17%||+8%||<1%||-8%||+1%|
Median Sales Price
Median Sales Price saw it's 5th consecutive quarterly up tick in the 2nd quarter 2018! 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.
What a Different 10 Years makes!
Affordability remains at an all time high with Median Sale Price 28% LOWER than Median Sales Price in 2008!..... when interest rates were between 6.5% - 6.75%!
In terms of monthly payment.. that means that the same house today cost over 44% Less in Monthly Mortage payment. (*Principle and Interest based on 2008 Median Price & July, 2008 Interest Rate versus 2018 Median Sale Price & July 2018 Interest Rate.)
The number of Bank Owned Sales maintained a high level of nearly 1 in 5 homes sold... impacting median sales price county wide.
The 2nd Quarter Result was an increase in Median Sale Price of 7% Year of Year.
|Year||Number of Second Quarter Sales||Median Sale Price||% Change y/o/y|
The Bank Owned Impact
Median sales price continues to be influenced by the high number of Bank Foreclosed sales. However, the Number of Sales of Bank Owned Properties in 2Q18 held steady at the same high level for the second quarter of 2017.... but represents a sharp decline from the 27% of all sales in Q1 of 2017. A percentage we DO NOT expect to return to.
While new foreclosure completions and REO listings/sales are maintaing a high level.... 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.
|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 2Q17 Sales 2Q18 Sales %...