The Long & Foster Market Minute

Focus On: Atlantic County Housing Market July 2018

Units Sold
429
Active Inventory
2,444
Median Sale Price
$176,450
Days On Market
71
Up 20%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -20%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 429 sold this month in Atlantic County Real Estate versus 455 last month, a decrease of 6%. This month's total units sold was higher than at this time last year, an increase of 20% versus July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 545 units or 18%. The total number of active inventory this July was 2,444 compared to 2,989 in July 2017. This month's total of 2,444 is lower than the previous month's total supply of available inventory of 2,520, a decrease of 3%.

Median Sale Price
Last July, the median sale price for Atlantic County Homes was $174,000. This July, the median sale price was $176,450, an increase of 1% or $2,450 compared to last year. The current median sold price is 4% lower than in June.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
681
Current Contracts
505
Sold Vs. List Price
94.7%
Months of Supply
5.7
Up 2%
Vs. Year Ago
Up 10%
Vs. Year Ago
No Change
Vs. Year Ago
Down -32%
Vs. Year Ago

Months of Supply
In July, there was 5.7 months of supply available in Atlantic County, compared to 8.4 in July 2017. That is a decrease of 32% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 681 homes newly listed for sale in Atlantic County compared to 667 in July 2017, an increase of 2%. There were 505 current contracts pending sale this July compared to 458 a year ago. The number of current contracts is 10% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Atlantic County was 94.7% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 71, lower than the average last year, which was 89, a decrease of 20%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by SJSMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of SJSMLS or Long & Foster Real Estate, Inc.