The Long & Foster Market Minute

Focus On: Margate City and Longport Housing Market August 2018

Zip Code(s): 08402 and 08403
Units Sold
25
Active Inventory
404
Median Sale Price
$500,000
Days On Market
100
Down
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in August, with 25 sold this month in Margate City and Longport Real Estate. This month's total units sold was lower than at this time last year, a decrease from August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 20 units or 5%. The total number of active inventory this August was 404 compared to 424 in August 2017. This month's supply remained stable as compared to last month.

Median Sale Price
Last August, the median sale price for Margate City and Longport Homes was $550,000. This August, the median sale price was $500,000, a decrease of 9% or $50,000 compared to last year. The current median sold price is 16% higher than in July.

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


New Listings
97
Current Contracts
40
Sold Vs. List Price
92.3%
Months of Supply
16.2
Up 41%
Vs. Year Ago
Up 18%
Vs. Year Ago
No Change
Vs. Year Ago
Up
Vs. Year Ago

Months of Supply
In August, there was 16.2 months of supply available in Margate City and Longport, compared to 10.3 in August 2017. That is an increase 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 97 homes newly listed for sale in Margate City and Longport compared to 69 in August 2017, an increase of 41%. There were 40 current contracts pending sale this August compared to 34 a year ago. The number of current contracts is 18% higher than last August.

Sale Price to List Price Ratio
In August, the average sale price in Margate City and Longport was 92.3% 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 100, lower than the average last year, which was 126, a decrease of 21%.

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.