Margate City and Longport Housing Market Data

There was an increase in total units sold in September, with 47 sold this month in Margate City and Longport Real Estate. This month's total units sold was higher than at this time last year.

Versus last year, the total number of homes available this month is lower by 26 units or 6%. The total number of active inventory this September was 383 compared to 409 in September 2018. This month's total of 383 is lower than the previous month's total supply of available inventory of 385, a decrease of 1%.

Last September, the median sale price for Margate City and Longport Homes was $660,000. This September, the median sale price was $550,000, a decrease of 17% or $110,000 compared to last year. The current median sold price is 10% higher than in August.

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

In September, there was 8.1 months of supply available in Margate City and Longport, compared to 12.8 in September 2018. That is a decrease 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.

This month there were 77 homes newly listed for sale in Margate City and Longport compared to 99 in September 2018, a decrease of 22%. There were 31 current contracts pending sale this September compared to 35 a year ago. The number of current contracts is 11% lower than last September.

In September, the average sale price in Margate City and Longport was 94.4% of the average list price, which is higher than at this time last year.

This month, the average number of days on market was 84, lower than the average last year, which was 93, a decrease of 10%.





Focus On: Margate City and Longport Housing Market			September 2019

Zip Code(s): 08402 and 08403
Units Sold 47	Active Inventory 383	Median Sale Price $550,000	Days On Market 84

Up Vs. Year Ago	Down -6% Vs. Year Ago	Down -17% Vs. Year Ago	Down -10% Vs. Year Ago


		Units Sold There was an increase in total units sold in September, with 47 sold this month in Margate City and Longport Real Estate. This month's total units sold was higher than at this time last year.
Active Inventory Versus last year, the total number of homes available this month is lower by 26 units or 6%. The total number of active inventory this September was 383 compared to 409 in September 2018. This month's total of 383 is lower than the previous month's total supply of available inventory of 385, a decrease of 1%.
		Median Sale Price Last September, the median sale price for Margate City and Longport Homes was $660,000. This September, the median sale price was $550,000, a decrease of 17% or $110,000 compared to last year. The current median sold price is 10% higher than in August. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 77	Current Contracts 31	Sold Vs. List Price 94.4%	Months of Supply 8.1

Down -22% Vs. Year Ago	Down -11% Vs. Year Ago	Up Vs. Year Ago	Down -36% Vs. Year Ago


		Months of Supply In September, there was 8.1 months of supply available in Margate City and Longport, compared to 12.8 in September 2018. That is a decrease 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 77 homes newly listed for sale in Margate City and Longport compared to 99 in September 2018, a decrease of 22%. There were 31 current contracts pending sale this September compared to 35 a year ago. The number of current contracts is 11% lower than last September.
		Sale Price to List Price Ratio In September, the average sale price in Margate City and Longport was 94.4% of the average list price, which is higher than at this time last year. Days on Market This month, the average number of days on market was 84, lower than the average last year, which was 93, a decrease of 10%.


	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.
	Information 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.