The Long & Foster Market Minute

Focus On: Margate City Housing Market September 2021

Zip Code(s): 08402
Units Sold
27
Active Inventory
105
Median Sale Price
$700,000
Days On Market
28
Down
Vs. Year Ago
Down -41%
Vs. Year Ago
Up
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in September, with 27 sold this month in Margate City 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 74 units or 41%. The total number of active inventory this September was 105 compared to 179 in September 2020. This month's total of 105 is lower than the previous month's total supply of available inventory of 125, a decrease of 16%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last September, the median sale price for Margate City Homes was $550,000. This September, the median sale price was $700,000, an increase of $150,000 compared to last year. The current median sold price is 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
33
Current Contracts
36
Sold Vs. List Price
96.1%
Months of Supply
3.9
Down -64%
Vs. Year Ago
Down -43%
Vs. Year Ago
Down -1.5%
Vs. Year Ago
Up 44%
Vs. Year Ago

Months of Supply
In September, there was 3.9 months of supply available in Margate City, compared to 2.7 in September 2020. That is an increase of 43% 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 33 homes newly listed for sale in Margate City compared to 92 in September 2020, a decrease of 64%. There were 36 current contracts pending sale this September compared to 63 a year ago. The number of current contracts is 43% lower than last September.

Sale Price to List Price Ratio
In September, the average sale price in Margate City was 96.1% of the average list price, which is 1.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 28, lower than the average last year, which was 73. This decrease was impacted by the limited number of sales.

The Long & Foster Market Minute Margate City are defined as properties listed in zip code/s 08402.
*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.