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πŸ“ˆ Dwell Real Estate South Jersey 2Q19 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...

Jul 21 3 minutes read

Prices are UP....Number of Sales are DOWN

At a Glance, 2Q19 is DOWN 4.1% πŸ“ˆ in terms of Total Transactions Year over Year.   Following 5 straight years of growth in transaction volume, the number of sales declines for the 3rd consecutive quarter.  However Prices continue to rise...up for the third straight year!






20152016201720182019
Second Quarter Sales8801144130013261271
% Change y/o/y+15.9%+30%+13.6+2%-4.1%
Second Quarter Listings Taken23572363216221922323
% Change y/o/y+8%+.3%-8.5%+1.4%+6%
Year to Date Total Sales14961925226423022153
% Change y/o/y+7.6%+28.7%+17.6%+1.7%-6.5%


Listings Sold versus Taken

Listings Sold versus Listings Taken in Q2 over the last 5 years

Total Yearly Residential Sales

Total Residential Sales during Q2 over the last 5 years.

Median Sales Price

Median Residential Sale Price during Q2 over the past 5 years.

Median Sales Price

Median Sales Price saw it's 9th consecutive quarterly up tick in the 2nd quarter of 2019, making it the highest it has been since 2013!  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.  

Affordability & Interest Rates.

With Interest rates returning to Historic lows, Affordability returned to historic levels even with continued rising home prices!

The 2nd Quarter Result was an overall increase in Median Sale Price of 11.3% Year of Year.


YearNumber of Second Quarter SalesMedian Sale Price% Change y/o/y
20191271$191,500+11.3%
20181326$172,000+5.7%
20171300$162,750+2.1%
20161144$159,450-8.6%
2015880$174,500-8.2%
2014759$190,000-3.7%
2013770$197,250+2.2%
2012769$193,000-5.4%
2011673$204,000-.5%


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 is steadily declining from the peak levels of 27% of all sales in Q1 of 2017.  A rather substantial increase in median sale price of bank owned property was realized for the third consecutive quarter. Median Sale Price of bank Owned Homes was UP 34% over 3 years ago!

While new foreclosure completions and REO listings/sales are maintain a high level.... the vast majority of these foreclosure completions initiated over 5+ years ago. 


Second
Quarter
Number of Bank Owned SalesPercentage of Total SalesMedian Sale Price of Bank OwnedMedian Sale Price of Non-Distressed
201915112%$110,140$225,000
201823818%$113,000$219,900
201724519%$92,000$214,000
201621118%$87,000$205,000
20159611%$91,911$219,450
2014537%$100,000$220,000
2013395%$140,000$221,500
2012253%$125,000$219,750
2011416%$125,000$240,000

Bank Owned Sales

Banked Owned Sales represented 12.0% of the Total Sales in Q2 - 2019

Total Number of Sales

The Number of Bank Owned Sales Reached a Peak in 2017.

Median Sales Price

Median Sale Price during Q2 over the past 5 years.

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