The Long & Foster Market Minute

Focus On: Margate City, Ventnor City, and Longport Housing Market February 2020

Zip Code(s): 08406, 08402 and 08403
Units Sold
50
Active Inventory
530
Median Sale Price
$435,000
Days On Market
91
Up
Vs. Year Ago
Down -16%
Vs. Year Ago
Up
Vs. Year Ago
Up 18%
Vs. Year Ago

Units Sold
There was an increase in total units sold in February, with 50 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 99 units or 16%. The total number of active inventory this February was 530 compared to 629 in February 2019. This month's total of 530 is higher than the previous month's total supply of available inventory of 519, an increase of 2%.

Median Sale Price
Last February, the median sale price for Margate City, Ventnor City, and Longport Homes was $262,500. This February, the median sale price was $435,000, an increase of $172,500 compared to last year. The current median sold price is higher than in January.

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


New Listings
132
Current Contracts
73
Sold Vs. List Price
92.9%
Months of Supply
10.6
Down -13%
Vs. Year Ago
Up 70%
Vs. Year Ago
No Change
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In February, there was 10.6 months of supply available in Margate City, Ventnor City, and Longport, compared to 18.0 in February 2019. That is a decrease of 41% 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 132 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 151 in February 2019, a decrease of 13%. There were 73 current contracts pending sale this February compared to 43 a year ago. The number of current contracts is 70% higher than last February.

Sale Price to List Price Ratio
In February, the average sale price in Margate City, Ventnor City, and Longport was 92.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 91, higher than the average last year, which was 77, an increase 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.