The Long & Foster Market Minute

FOCUS ON: ATLANTIC COUNTY HOUSING MARKET MAY 2024

Units Sold
252
Active Inventory
2,059
Median Sale Price
$370,000
Days On Market
42
Down -15%
Vs. Year Ago
Up 16%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -5%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 252 sold this month in Atlantic County Real Estate versus 259 last month, a decrease of 3%. This month's total units sold was lower than at this time last year, a decrease of 15% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 282 units or 16%. The total number of active inventory this May was 2,059 compared to 1,777 in May 2023. This month's total of 2,059 is higher than the previous month's total supply of available inventory of 2,035, an increase of 1%.

Median Sale Price
Last May, the median sale price for Atlantic County Homes was $305,000. This May, the median sale price was $370,000, an increase of 21% or $65,000 compared to last year. The current median sold price is 5% higher than in April.

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


New Listings
398
Current Contracts
285
Sold Vs. List Price
97.5%
Months of Supply
8.2
Down -3%
Vs. Year Ago
Down -11%
Vs. Year Ago
No Change
Vs. Year Ago
Up 36%
Vs. Year Ago

Months of Supply
In May, there was 8.2 months of supply available in Atlantic County, compared to 6.0 in May 2023. That is an increase of 36% 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 398 homes newly listed for sale in Atlantic County compared to 410 in May 2023, a decrease of 3%. There were 285 current contracts pending sale this May compared to 322 a year ago. The number of current contracts is 11% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Atlantic County was 97.5% 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 42, lower than the average last year, which was 44, a decrease of 5%.

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.