The Long & Foster Market Minute

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

Zip Code(s): 08406, 08402 and 08403
Units Sold
59
Active Inventory
568
Median Sale Price
$365,000
Days On Market
85
Down -11%
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 25%
Vs. Year Ago
Down -18%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in July, with 59 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 69 last month, a decrease of 14%. This month's total units sold was lower than at this time last year, a decrease of 11% versus July 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 102 units or 15%. The total number of active inventory this July was 568 compared to 670 in July 2017. This month's total of 568 is lower than the previous month's total supply of available inventory of 595, a decrease of 5%.

Median Sale Price
Last July, the median sale price for Margate City, Ventnor City, and Longport Homes was $292,500. This July, the median sale price was $365,000, an increase of 25% or $72,500 compared to last year. The current median sold price is 3% higher 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.


New Listings
122
Current Contracts
71
Sold Vs. List Price
91.0%
Months of Supply
9.6
Down -12%
Vs. Year Ago
Down -10%
Vs. Year Ago
Down -1.9%
Vs. Year Ago
Down -5%
Vs. Year Ago

Months of Supply
In July, there was 9.6 months of supply available in Margate City, Ventnor City, and Longport, compared to 10.2 in July 2017. That is a decrease of 5% 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 122 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 138 in July 2017, a decrease of 12%. There were 71 current contracts pending sale this July compared to 79 a year ago. The number of current contracts is 10% lower than last July.

Sale Price to List Price Ratio
In July, the average sale price in Margate City, Ventnor City, and Longport was 91.0% of the average list price, which is 1.8% lower than at this time last year.

Days on Market
This month, the average number of days on market was 85, lower than the average last year, which was 104, a decrease of 18%.

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.