The Long & Foster Market Minute

Focus On: Margate City, Ventnor City, and Longport Housing Market January 2018

Zip Code(s): 08406, 08402 and 08403
Units Sold
30
Active Inventory
747
Median Sale Price
$321,250
Days On Market
96
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -46%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 30 sold this month in Margate City, Ventnor City, and Longport Real Estate. This month's total units sold was lower than at this time last year, a decrease from January 2017.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 86 units or 10%. The total number of active inventory this January was 747 compared to 833 in January 2017. This month's supply remained stable as compared to last month.

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Median Sale Price
Last January, the median sale price for Margate City, Ventnor City, and Longport Homes was $297,000. This January, the median sale price was $321,250, an increase of 8% or $24,250 compared to last year. The current median sold price is 2% higher than in December.

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
127
Current Contracts
44
Sold Vs. List Price
89.6%
Months of Supply
24.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -24%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down
Vs. Year Ago
Up 2%
Vs. Year Ago

Months of Supply
In January, there was 24.9 months of supply available in Margate City, Ventnor City, and Longport, compared to 24.5 in January 2017. That is an increase of 2% 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 127 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 167 in January 2017, a decrease of 24%. There were 44 current contracts pending sale this January compared to 41 a year ago. The number of current contracts is 7% higher than last January.

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Sale Price to List Price Ratio
In January, the average sale price in Margate City, Ventnor City, and Longport was 89.6% of the average list price, which is lower than at this time last year.

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Days on Market
This month, the average number of days on market was 96, lower than the average last year, which was 179, a decrease of 46%.

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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.