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| MAY 2025 | |||
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| Zip Code(s): 08402 and 08403 | |||
| Units Sold 25 |
Active Inventory 195 |
Median Sale Price $1,150,000 |
Days On Market 77 |
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| Up Vs. Year Ago |
Up 24% Vs. Year Ago |
Up Vs. Year Ago |
Up 45% Vs. Year Ago |
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Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 25 sold this month in Margate City and Longport Real Estate. This month's total units sold was higher than at this time last year, an increase from May 2024. |
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Active Inventory
Versus last year, the total number of homes available this month is higher by 38 units or 24%. The total number of active inventory this May was 195 compared to 157 in May 2024. This month's total of 195 is lower than the previous month's total supply of available inventory of 200, a decrease of 3%. |
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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last May, the median sale price for Margate City and Longport Homes was $895,000. This May, the median sale price was $1,150,000, an increase of $255,000 compared to last year. The current median sold price is lower 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. |
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| New Listings 43 |
Current Contracts 17 |
Sold Vs. List Price 91.8% |
Months of Supply 7.8 |
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| Up 23% Vs. Year Ago |
Up 42% Vs. Year Ago |
Down -3.3% Vs. Year Ago |
Down -11% Vs. Year Ago |
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Months of Supply
In May, there was 7.8 months of supply available in Margate City and Longport, compared to 8.7 in May 2024. That is a decrease of 11% 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. |
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New Listings & Current Contracts
This month there were 43 homes newly listed for sale in Margate City and Longport compared to 35 in May 2024, an increase of 23%. There were 17 current contracts pending sale this May compared to 12 a year ago. The number of current contracts is 42% higher than last May. |
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Sale Price to List Price Ratio
In May, the average sale price in Margate City and Longport was 91.8% of the average list price, which is 3.1% lower than at this time last year. Days on Market
This month, the average number of days on market was 77, higher than the average last year, which was 53, an increase of 45%. | |||
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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. |
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