The Long & Foster Market Minute

Focus On: Margate City, Ventnor City, and Longport Housing Market March 2021

Zip Code(s): 08406, 08402 and 08403
Units Sold
67
Active Inventory
283
Median Sale Price
$439,000
Days On Market
57
Up
Vs. Year Ago
Down -51%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -44%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 67 sold this month in Margate City, Ventnor City, and Longport Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 297 units or 51%. The total number of active inventory this March was 283 compared to 580 in March 2020. This month's total of 283 is lower than the previous month's total supply of available inventory of 316, a decrease of 10%.

Median Sale Price
Last March, the median sale price for Margate City, Ventnor City, and Longport Homes was $431,500. This March, the median sale price was $439,000, an increase of 2% or $7,500 compared to last year. The current median sold price is 6% lower than in February.

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


New Listings
92
Current Contracts
85
Sold Vs. List Price
96.2%
Months of Supply
4.2
Down -38%
Vs. Year Ago
Up 107%
Vs. Year Ago
Up 3.1%
Vs. Year Ago
Down -65%
Vs. Year Ago

Months of Supply
In March, there was 4.2 months of supply available in Margate City, Ventnor City, and Longport, compared to 12.1 in March 2020. That is a decrease of 65% 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 92 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 148 in March 2020, a decrease of 38%. There were 85 current contracts pending sale this March compared to 41 a year ago. The number of current contracts is 107% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Margate City, Ventnor City, and Longport was 96.2% of the average list price, which is 2.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 57, lower than the average last year, which was 102, a decrease of 44%.

The Long & Foster Market Minute 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.