The Long & Foster Market Minute

Focus On: Atlantic County Housing Market August 2022

Units Sold
303
Active Inventory
1,913
Median Sale Price
$300,000
Days On Market
38
Down -29%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up 12%
Vs. Year Ago
Up 3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 303 sold this month in Atlantic County Real Estate versus 284 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 29% versus August 2021.

Active Inventory
Versus last year, the total number of homes available this month is lower by 142 units or 7%. The total number of active inventory this August was 1,913 compared to 2,055 in August 2021. This month's total of 1,913 is lower than the previous month's total supply of available inventory of 1,977, a decrease of 3%.

Median Sale Price
Last August, the median sale price for Atlantic County Homes was $268,500. This August, the median sale price was approximately the same at $300,000. The current median sold price is 12% higher than in August 2021.

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


New Listings
456
Current Contracts
357
Sold Vs. List Price
97.8%
Months of Supply
6.3
Down -22%
Vs. Year Ago
Down -25%
Vs. Year Ago
No Change
Vs. Year Ago
Up 30%
Vs. Year Ago

Months of Supply
In August, there was 6.3 months of supply available in Atlantic County, compared to 4.8 in August 2021. That is an increase 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.

New Listings & Current Contracts
This month there were 456 homes newly listed for sale in Atlantic County compared to 585 in August 2021, a decrease of 22%. There were 357 current contracts pending sale this August compared to 477 a year ago. The number of current contracts is 25% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Atlantic County was 97.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 38, higher than the average last year, which was 37, an increase of 3%.

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.