The Long & Foster Market Minute
Focus On: Margate City, Ventnor City, and Longport Housing Market March 2017
Zip Code(s): 08406, 08402 and 08403
Units Sold
54
Active Inventory
853
Median Sale Price
$283,750
Days On Market
95
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 32%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -3%
Vs. Year Ago
Down -24%
Vs. Year Ago
Units Sold
There was an increase in total units sold in March, with 54 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.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 76 units or 8%. The total number of active inventory this March was 853 compared to 929 in March 2016. This month's supply remained stable as compared to last month.

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Median Sale Price
Last March, the median sale price for Margate City, Ventnor City, and Longport Homes was $292,000. This March, the median sale price was $283,750, a decrease of 3% or $8,250 compared to last year. The current median sold price is 13% lower than in February.

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
158
Current Contracts
69
Sold Vs. List Price
93.6%
Months of Supply
15.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -8%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Down -30%
Vs. Year Ago
Months of Supply
In March, there was 15.8 months of supply available in Margate City, Ventnor City, and Longport, compared to 22.7 in March 2016. That is a decrease of 30% 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 158 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 172 in March 2016, a decrease of 8%. There were 69 current contracts pending sale this March, consistent with the volume a year ago. The number of current contracts is 8% higher than last month.

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Sale Price to List Price Ratio
In March, the average sale price in Margate City, Ventnor City, and Longport was 93.6% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 95, lower than the average last year, which was 125, a decrease of 24%.

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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.