The Long & Foster Market Minute

Focus On: Margate City and Longport Housing Market May 2018

Zip Code(s): 08402 and 08403
Units Sold
45
Active Inventory
412
Median Sale Price
$585,000
Days On Market
107
No Change
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -9%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 45 sold this month in Margate City and Longport Real Estate, an increase of 50%. This month's total units sold is similar compared to a year ago.

Active Inventory
Versus last year, the total number of homes available this month is lower by 49 units or 11%. The total number of active inventory this May was 412 compared to 461 in May 2017. This month's total of 412 is lower than the previous month's total supply of available inventory of 427, a decrease of 4%.

Median Sale Price
Last May, the median sale price for Margate City and Longport Homes was $530,000. This May, the median sale price was $585,000, an increase of $55,000 compared to last year. The current median sold price is higher than in April.

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


New Listings
89
Current Contracts
32
Sold Vs. List Price
93.0%
Months of Supply
9.2
Down -2%
Vs. Year Ago
Down -22%
Vs. Year Ago
Up 3.3%
Vs. Year Ago
Down -11%
Vs. Year Ago

Months of Supply
In May, there was 9.2 months of supply available in Margate City and Longport, compared to 10.2 in May 2017. That is a decrease of 11% 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 89 homes newly listed for sale in Margate City and Longport compared to 91 in May 2017, a decrease of 2%. There were 32 current contracts pending sale this May compared to 41 a year ago. The number of current contracts is 22% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Margate City and Longport was 93.0% of the average list price, which is 3.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 107, lower than the average last year, which was 117, a decrease of 9%.

The Long & Foster Market Minute Margate City and Longport are defined as properties listed in zip code/s 08402 and 08403.
*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.