📈 Dwell Real Estate South Jersey 3Q17 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, 3Q17 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 a Higher Level than we've seen in more than a decade!
|Third Quarter Sales||779||1013||1147||1226|
|% Change y/o/y||-5%||+30%||+13%||+7%|
|YTD end of Q3 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 3rd 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 Third Quarter.
The Result was an increase in Median Sale Price of 7.6% Year of Year.
|Year||Number of Third 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 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.
|Third 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:
3Q17 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS - Atlantic County - Mainland area To...
Data Source is Sales Reported to South Jersey Shore Regional MLS.