The Long & Foster Market Minute

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

Zip Code(s): 08406, 08402 and 08403
Units Sold
48
Active Inventory
547
Median Sale Price
$492,500
Days On Market
90
Down -16%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up
Vs. Year Ago
Up 3%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 48 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 54 last month, a decrease of 11%. This month's total units sold was lower than at this time last year, a decrease of 16% versus December 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 38 units or 6%. The total number of active inventory this December was 547 compared to 585 in December 2017. This month's total of 547 is lower than the previous month's total supply of available inventory of 562, a decrease of 3%.

Median Sale Price
Last December, the median sale price for Margate City, Ventnor City, and Longport Homes was $320,000. This December, the median sale price was $492,500, an increase of $172,500 compared to last year. The current median sold price is higher than in November.

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


New Listings
71
Current Contracts
25
Sold Vs. List Price
92.3%
Months of Supply
11.4
Down -20%
Vs. Year Ago
Down -38%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Up 11%
Vs. Year Ago

Months of Supply
In December, there was 11.4 months of supply available in Margate City, Ventnor City, and Longport, compared to 10.3 in December 2017. That is an increase of 11% 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 71 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 89 in December 2017, a decrease of 20%. There were 25 current contracts pending sale this December compared to 40 a year ago. The number of current contracts is 38% lower than last December.

Sale Price to List Price Ratio
In December, the average sale price in Margate City, Ventnor City, and Longport was 92.3% of the average list price, which is 2.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 90, higher than the average last year, which was 87, an increase of 3%.

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.