The Long & Foster Market Minute

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

Zip Code(s): 08406, 08402 and 08403
Units Sold
54
Active Inventory
587
Median Sale Price
$402,500
Days On Market
86
Down -18%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -15%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 54 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 61 last month, a decrease of 11%. This month's total units sold was lower than at this time last year, a decrease of 18% versus September 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 83 units or 12%. The total number of active inventory this September was 587 compared to 670 in September 2017. This month's total of 587 is lower than the previous month's total supply of available inventory of 591, a decrease of 1%.

Median Sale Price
Last September, the median sale price for Margate City, Ventnor City, and Longport Homes was $387,500. This September, the median sale price was $402,500, an increase of 4% or $15,000 compared to last year. The current median sold price is 22% higher than in August.

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


New Listings
144
Current Contracts
65
Sold Vs. List Price
90.6%
Months of Supply
10.9
Down -4%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
Up 7%
Vs. Year Ago

Months of Supply
In September, there was 10.9 months of supply available in Margate City, Ventnor City, and Longport, compared to 10.2 in September 2017. That is an increase of 7% 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 144 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 150 in September 2017, a decrease of 4%. There were 65 current contracts pending sale this September compared to 62 a year ago. The number of current contracts is 5% higher than last September.

Sale Price to List Price Ratio
In September, the average sale price in Margate City, Ventnor City, and Longport was 90.6% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 86, lower than the average last year, which was 101, a decrease of 15%.

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.