The Long & Foster Market Minute

Focus On: Margate City and Longport Housing Market July 2019

Zip Code(s): 08402 and 08403
Units Sold
34
Active Inventory
404
Median Sale Price
$438,000
Days On Market
98
Up 21%
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 26%
Vs. Year Ago

Units Sold
There was an increase in total units sold in July, with 34 sold this month in Margate City and Longport Real Estate versus 31 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 21% versus July 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 9 units or 2%. The total number of active inventory this July was 404 compared to 413 in July 2018. This month's total of 404 is lower than the previous month's total supply of available inventory of 421, a decrease of 4%.

Median Sale Price
Last July, the median sale price for Margate City and Longport Homes was $429,250. This July, the median sale price was $438,000, an increase of 2% or $8,750 compared to last year. The current median sold price is 20% lower than in June.

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


New Listings
83
Current Contracts
54
Sold Vs. List Price
94.1%
Months of Supply
11.9
Up 12%
Vs. Year Ago
Up 69%
Vs. Year Ago
Up 4.1%
Vs. Year Ago
Down -19%
Vs. Year Ago

Months of Supply
In July, there was 11.9 months of supply available in Margate City and Longport, compared to 14.8 in July 2018. That is a decrease of 19% 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 83 homes newly listed for sale in Margate City and Longport compared to 74 in July 2018, an increase of 12%. There were 54 current contracts pending sale this July compared to 32 a year ago. The number of current contracts is 69% higher than last July.

Sale Price to List Price Ratio
In July, the average sale price in Margate City and Longport was 94.1% of the average list price, which is 3.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 98, higher than the average last year, which was 78, an increase of 26%.

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.