The Long & Foster Market Minute

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

Zip Code(s): 08406, 08402 and 08403
Units Sold
58
Active Inventory
799
Median Sale Price
$405,000
Days On Market
112
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -16%
Vs. Year Ago
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 58 sold this month in Margate City, Ventnor City, and Longport Real Estate versus 65 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 October 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 94 units or 11%. The total number of active inventory this October was 799 compared to 893 in October 2016. This month's total of 799 is lower than the previous month's total supply of available inventory of 822, a decrease of 3%.

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Median Sale Price
Last October, the median sale price for Margate City, Ventnor City, and Longport Homes was $405,000. This October, the median sale price was approximately the same at $405,000. The current median sold price is also similar to the median price in September.

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
131
Current Contracts
51
Sold Vs. List Price
92.6%
Months of Supply
13.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -1%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 2.4%
Vs. Year Ago
Up 6%
Vs. Year Ago

Months of Supply
In October, there was 13.8 months of supply available in Margate City, Ventnor City, and Longport, compared to 12.9 in October 2016. That is an increase of 6% 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 131 homes newly listed for sale in Margate City, Ventnor City, and Longport compared to 132 in October 2016, a decrease of 1%. There were 51 current contracts pending sale this October compared to 57 a year ago. The number of current contracts is 11% lower than last October.

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Sale Price to List Price Ratio
In October, the average sale price in Margate City, Ventnor City, and Longport was 92.6% of the average list price, which is 2.2% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 112, lower than the average last year, which was 146, a decrease of 23%.

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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.