The Long & Foster Market Minute

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

Zip Code(s): 08406, 08402 and 08403
Units Sold
51
Active Inventory
603
Median Sale Price
$348,000
Days On Market
106
Down -2%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 16%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in April, with 51 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 60 last month, a decrease of 15%. This month's total units sold was lower than at this time last year, a decrease of 2% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 133 units or 18%. The total number of active inventory this April was 603 compared to 736 in April 2017. This month's total of 603 is lower than the previous month's total supply of available inventory of 617, a decrease of 2%.

Median Sale Price
Last April, the median sale price for Margate City, Ventnor City, and Longport Homes was $317,500. This April, the median sale price was $348,000, an increase of $30,500 compared to last year. The current median sold price is lower than in March.

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


New Listings
145
Current Contracts
68
Sold Vs. List Price
93.9%
Months of Supply
11.8
Up 14%
Vs. Year Ago
Up 36%
Vs. Year Ago
Up
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In April, there was 11.8 months of supply available in Margate City, Ventnor City, and Longport, compared to 14.2 in April 2017. That is a decrease of 16% 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 145 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 127 in April 2017, an increase of 14%. There were 68 current contracts pending sale this April compared to 50 a year ago. The number of current contracts is 36% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Margate City, Ventnor City, and Longport was 93.9% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 106, higher than the average last year, which was 91, an increase of 16%.

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.