February 2019 ABSORPTION REPORT

Our Methodology:

  • Current Inventory: Number of currently active listings as reported to the South Jersey Shore regional MLS at the beginning of the month.  Our Report aggregates data for Residential Single Family and Condominiums Homes only.  Multi-Family, Commercial and Land listings are excluded from this study.
  • Absorption Rate: The Current Monthly Supply... How many months it would take to sell all active listings in a given market.  We calculate it by dividing the number of listings by the average number of closings over the prior 6 months. Historically, an absorption rate between 6-7 months indicates a balanced market.

Here is a Look at Current Absorption Rates for the Towns and Communities around Southern New Jersey.

Town
Listings Taken
4Q17
Listings Taken
4Q18
% Change
Current Inventory
Absorption Rate (Month's Supply)
Days on Market
Linwood
5144-13.7%746148
Northfield
5650-10.7%705122
Somers Point
5558+5.5%734118
Absecon
4235-16.7%60473
Pleasantville
8378-6.0%743135
Egg Harbor City
2622-15.4%273118
Egg Harbor Township
265223-15.8%2894163
Galloway Township
165175+6.1%2044181
Hamilton Township
134141+5.2%1594217
Mullica Township
720+185.7%256106
Hammonton
4034-15%525120

Seashore Communities

Town
Listings Taken
4Q17
Listings Taken
4Q18
% Change
Current Inventory
Absorption Rate (Month's Supply)
Days on Market
Ventnor
110114+3.6%746148
Margate
162155-4.3%28411140
Longport
37370.0%9321188
Brigantine
175144-17.7%2968161
Atlantic City
155161+3.9%2597194
Ocean City
320325+1.6%5327106
Upper Township
6268+9.7%957110

And Wait... There's More!

Because we're working in quite literally, perhaps the most segmented markets ever historically... We are taking it a step further and breaking down absorption rate based on price ranges.  Below Median(Starter Homes), Above Median(Trade Up Homes) and 2X Median (Premium or Luxury).

It's time these segments have been formally published in a report so homeowners know how to properly gage the market conditions and the realistic likelihood of selling and selling quickly in today's market.

We've compiled that report.

Our report segments absorption rates in 3 price categories based on2Q18 Median Sale Price:

a.) Below Median Sale Price (Starter Homes)

b.) Above Median Sale price up to 2 times median (Trade Up Homes)

c.) 2 times + Median (described as Premium or 'luxury')


Town
4Q18 Median $

Absorption Rate
Below Median
(Month's Supply)
Absorption Rate
Supply Above Median
(Month's Supply)
Absorption Rate
 2X Above Median
(Month's Supply)
Linwood
$224,000
3638
Northfield
$140,000
2619
Somers Point
$190,000
367
Absecon
$145,000
247
Pleasantville
$75,000
2410
Egg Harbor City
$49,500
136
Egg Harbor Township
$181,500
3554
Galloway Township
$172,500
2417
Hamilton Township
$152,500
3410
Mullica Township
$100,000
3511
Hammonton
$206,000
1369

Seashore Communities

Town
4Q18 Median $
Absorption Rate
Below Median
(Month's Supply)
Absorption Rate
 Above Median
(Month's Supply)
Absorption Rate
 2X Above Median
(Month's Supply)
Ventnor
$236,000
4711
Margate
$485,000
91329
Longport
$875,000
182421
Brigantine
$290,000
6721
Atlantic City
$97,750
6924
Ocean City
$555,000
6712
Upper Township
$308,000
7728


Our Goal is that each of our clients is best prepared to make the best possible and most educated decision regarding one of their most valuable assets. 

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