The Long & Foster Market Minute
Focus On: Margate City, Ventnor City, and Longport Housing Market April 2017
Zip Code(s): 08406, 08402 and 08403
Units Sold
43
Active Inventory
877
Median Sale Price
$286,900
Days On Market
97
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 5%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -15%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in April, with 43 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 57 last month, a decrease of 25%. This month's total units sold was higher than at this time last year, an increase of 5% versus April 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 20 units or 2%. The total number of active inventory this April was 877 compared to 897 in April 2016. This month's total of 877 is higher than the previous month's total supply of available inventory of 855, an increase of 3%.

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Median Sale Price
Last April, the median sale price for Margate City, Ventnor City, and Longport Homes was $375,000. This April, the median sale price was $286,900, a decrease of 23% or $88,100 compared to last year. The current median sold price is 1% lower than in March.

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
129
Current Contracts
46
Sold Vs. List Price
92.8%
Months of Supply
20.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 4%
Vs. Year Ago
Down -35%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
Down -7%
Vs. Year Ago
Months of Supply
In April, there was 20.4 months of supply available in Margate City, Ventnor City, and Longport, compared to 21.9 in April 2016. That is a decrease of 7% 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 129 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 124 in April 2016, an increase of 4%. There were 46 current contracts pending sale this April compared to 71 a year ago. The number of current contracts is 35% lower than last April.

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Sale Price to List Price Ratio
In April, the average sale price in Margate City, Ventnor City, and Longport was 92.8% of the average list price, which is 1.2% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 97, lower than the average last year, which was 114, a decrease of 15%.

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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.