Margate City and Longport Housing Market Data

With relatively few transactions, there was an increase in total units sold in September, with 32 sold this month in Margate City and Longport Real Estate. This month's total units sold was lower than at this time last year, a decrease from September 2020.

Versus last year, the total number of homes available this month is lower by 115 units or 45%. The total number of active inventory this September was 139 compared to 254 in September 2020. This month's total of 139 is lower than the previous month's total supply of available inventory of 166, a decrease of 16%.

Last September, the median sale price for Margate City and Longport Homes was $682,500. This September, the median sale price was $710,000, an increase of 4% or $27,500 compared to last year. The current median sold price is 5% 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 4.3 months of supply available in Margate City and Longport, compared to 3.2 in September 2020. That is an increase of 35% 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 35 homes newly listed for sale in Margate City and Longport compared to 120 in September 2020, a decrease of 71%. There were 42 current contracts pending sale this September compared to 76 a year ago. The number of current contracts is 45% lower than last September.

In September, the average sale price in Margate City and Longport was 95.2% of the average list price, which is 1.7% lower than at this time last year.

This month, the average number of days on market was 37, lower than the average last year, which was 72, a decrease of 49%.





Focus On: Margate City and Longport Housing Market			September 2021

Zip Code(s): 08402 and 08403
Units Sold 32	Active Inventory 139	Median Sale Price $710,000	Days On Market 37

Down Vs. Year Ago	Down -45% Vs. Year Ago	Up 4% Vs. Year Ago	Down -49% Vs. Year Ago


		Units Sold With relatively few transactions, there was an increase in total units sold in September, with 32 sold this month in Margate City and Longport Real Estate. This month's total units sold was lower than at this time last year, a decrease from September 2020.
Active Inventory Versus last year, the total number of homes available this month is lower by 115 units or 45%. The total number of active inventory this September was 139 compared to 254 in September 2020. This month's total of 139 is lower than the previous month's total supply of available inventory of 166, a decrease of 16%.
		Median Sale Price Last September, the median sale price for Margate City and Longport Homes was $682,500. This September, the median sale price was $710,000, an increase of 4% or $27,500 compared to last year. The current median sold price is 5% 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 35	Current Contracts 42	Sold Vs. List Price 95.2%	Months of Supply 4.3

Down -71% Vs. Year Ago	Down -45% Vs. Year Ago	Down -1.8% Vs. Year Ago	Up 35% Vs. Year Ago


		Months of Supply In September, there was 4.3 months of supply available in Margate City and Longport, compared to 3.2 in September 2020. That is an increase of 35% 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 35 homes newly listed for sale in Margate City and Longport compared to 120 in September 2020, a decrease of 71%. There were 42 current contracts pending sale this September compared to 76 a year ago. The number of current contracts is 45% lower than last September.
		Sale Price to List Price Ratio In September, the average sale price in Margate City and Longport was 95.2% of the average list price, which is 1.7% lower than at this time last year. Days on Market This month, the average number of days on market was 37, lower than the average last year, which was 72, a decrease of 49%.


	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.