The Long & Foster Market Minute

Focus On: Margate City, Ventnor City, and Longport Housing Market August 2017

Zip Code(s): 08406, 08402 and 08403
Units Sold
63
Active Inventory
820
Median Sale Price
$475,000
Days On Market
127
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 26%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up
Vs. Year Ago
Up 9%
Vs. Year Ago

Units Sold
The number of units sold remained stable in August, with 63 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, an increase of 11% versus August 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 99 units or 11%. The total number of active inventory this August was 820 compared to 919 in August 2016. This month's supply remained stable as compared to last month.

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Median Sale Price
Last August, the median sale price for Margate City, Ventnor City, and Longport Homes was $300,000. This August, the median sale price was $475,000, an increase of $175,000 compared to last year. The current median sold price is higher than in July.

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
142
Current Contracts
60
Sold Vs. List Price
92.3%
Months of Supply
13.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -11%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -29%
Vs. Year Ago

Months of Supply
In August, there was 13.0 months of supply available in Margate City, Ventnor City, and Longport, compared to 18.4 in August 2016. That is a decrease of 29% 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 142 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 160 in August 2016, a decrease of 11%. There were 60 current contracts pending sale this August compared to 67 a year ago. The number of current contracts is 10% lower than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Margate City, Ventnor City, and Longport was 92.3% of the average list price, which is 0.5% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 127, higher than the average last year, which was 117, an increase of 9%.

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The Long & Foster Market Minute *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.