The Long & Foster Market Minute
Focus On: Margate City, Ventnor City, and Longport Housing Market February 2017
Zip Code(s): 08406, 08402 and 08403
Units Sold
28
Active Inventory
852
Median Sale Price
$363,000
Days On Market
92
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -28%
Vs. Year Ago
Down -4%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -40%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in February, with 28 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 33 last month, a decrease of 15%. This month's total units sold was lower than at this time last year, a decrease of 28% versus February 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 38 units or 4%. The total number of active inventory this February was 852 compared to 890 in February 2016. This month's total of 852 is higher than the previous month's total supply of available inventory of 822, an increase of 4%.

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Median Sale Price
Last February, the median sale price for Margate City, Ventnor City, and Longport Homes was $370,000. This February, the median sale price was $363,000, a decrease of 2% or $7,000 compared to last year. The current median sold price is 21% higher than in January.

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

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New Listings
173
Current Contracts
60
Sold Vs. List Price
91.9%
Months of Supply
30.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 7%
Vs. Year Ago
Up 71%
Vs. Year Ago
Up
Vs. Year Ago
Up 33%
Vs. Year Ago
Months of Supply
In February, there was 30.4 months of supply available in Margate City, Ventnor City, and Longport, compared to 22.8 in February 2016. That is an increase of 33% 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.

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New Listings & Current Contracts
This month there were 173 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 162 in February 2016, an increase of 7%. There were 60 current contracts pending sale this February compared to 35 a year ago. The number of current contracts is 71% higher than last February.

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Sale Price to List Price Ratio
In February, the average sale price in Margate City, Ventnor City, and Longport was 91.9% of the average list price, which is higher than at this time last year.

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Days on Market
This month, the average number of days on market was 92, lower than the average last year, which was 153, a decrease of 40%.

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Margate City, Ventnor City, and Longport are defined as properties listed in zip code/s 08406, 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.