The Long & Foster Market Minute

Focus On: Margate City and Longport Housing Market April 2019

Zip Code(s): 08402 and 08403
Units Sold
39
Active Inventory
433
Median Sale Price
$480,000
Days On Market
82
Up 30%
Vs. Year Ago
No Change
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 39 sold this month in Margate City and Longport Real Estate versus 37 last month, an increase of 5%. This month's total units sold was higher than at this time last year, an increase of 30% versus April 2018.

Active Inventory
The total number of homes available this month is 433 units, which is similar compared to a year ago. This month's total of 433 is higher than the previous month's total supply of available inventory of 419, an increase of 3%.

Median Sale Price
Last April, the median sale price for Margate City and Longport Homes was $432,500. This April, the median sale price was $480,000, an increase of 11% or $47,500 compared to last year. The current median sold price is 5% higher 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
105
Current Contracts
35
Sold Vs. List Price
93.7%
Months of Supply
11.1
Up 22%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago

Months of Supply
In April, there was 11.1 months of supply available in Margate City and Longport, compared to 14.4 in April 2018. That is a decrease of 23% 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 105 homes newly listed for sale in Margate City and Longport compared to 86 in April 2018, an increase of 22%. There were 35 current contracts pending sale this April, consistent with the volume a year ago. The number of current contracts is 30% lower than last month.

Sale Price to List Price Ratio
In April, the average sale price in Margate City and Longport was 93.7% 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 82, lower than the average last year, which was 92, a decrease of 11%.

The Long & Foster Market Minute Margate City and Longport are defined as properties listed in zip code/s 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.