The Long & Foster Market Minute
Focus On: Margate City, Ventnor City, and Longport Housing Market July 2017
Zip Code(s): 08406, 08402 and 08403
Units Sold
60
Active Inventory
816
Median Sale Price
$292,500
Days On Market
111
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 33%
Vs. Year Ago
Down -11%
Vs. Year Ago
Down -13%
Vs. Year Ago
Down -13%
Vs. Year Ago
Units Sold
There was an increase in total units sold in July, with 60 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 57 last month, an increase of 5%. This month's total units sold was higher than at this time last year, an increase of 33% versus July 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 99 units or 11%. The total number of active inventory this July was 816 compared to 915 in July 2016. This month's total of 816 is lower than the previous month's total supply of available inventory of 848, a decrease of 4%.

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Median Sale Price
Last July, the median sale price for Margate City, Ventnor City, and Longport Homes was $335,000. This July, the median sale price was $292,500, a decrease of 13% or $42,500 compared to last year. The current median sold price is 14% lower than in June.

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
141
Current Contracts
78
Sold Vs. List Price
92.9%
Months of Supply
13.6
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -15%
Vs. Year Ago
Up 20%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -33%
Vs. Year Ago
Months of Supply
In July, there was 13.6 months of supply available in Margate City, Ventnor City, and Longport, compared to 20.3 in July 2016. That is a decrease 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 141 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 165 in July 2016, a decrease of 15%. There were 78 current contracts pending sale this July compared to 65 a year ago. The number of current contracts is 20% higher than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Margate City, Ventnor City, and Longport was 92.9% of the average list price, which is 0.6% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 111, lower than the average last year, which was 128, a decrease of 13%.

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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.