The Long & Foster Market Minute

Focus On: Margate City and Longport Housing Market March 2019

Zip Code(s): 08402 and 08403
Units Sold
35
Active Inventory
422
Median Sale Price
$480,000
Days On Market
70
Down
Vs. Year Ago
Down -3%
Vs. Year Ago
Down
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 35 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 March 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 15 units or 3%. The total number of active inventory this March was 422 compared to 437 in March 2018. This month's total of 422 is lower than the previous month's total supply of available inventory of 426, a decrease of 1%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Margate City and Longport Homes was $516,500. This March, the median sale price was $480,000, a decrease of $36,500 compared to last year. The current median sold price is higher than in February.

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


New Listings
89
Current Contracts
47
Sold Vs. List Price
93.3%
Months of Supply
12.1
Down -18%
Vs. Year Ago
Up 4%
Vs. Year Ago
No Change
Vs. Year Ago
Up 5%
Vs. Year Ago

Months of Supply
In March, there was 12.1 months of supply available in Margate City and Longport, compared to 11.5 in March 2018. That is an increase of 5% 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 89 homes newly listed for sale in Margate City and Longport compared to 109 in March 2018, a decrease of 18%. There were 47 current contracts pending sale this March compared to 45 a year ago. The number of current contracts is 4% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Margate City and Longport was 93.3% 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 70, lower than the average last year, which was 158. This decrease was impacted by the limited number of sales.

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.