South Jersey Shore New Jersey Luxury Housing Market Update July 218
South Jersey Shore Area - July 218 The real estate market is always changing, and if you re buying or selling a home especially a luxury property it s critical to understand the current market conditions. More than simply seeing what s happening to real estate as a whole in your local area, you need insights on what s taking place in the highend market, specifically with uncommon and unique homes like yours or those for which you re shopping. That s why Long & Foster publishes our exclusive LuxInsight report giving consumers like you invaluable information on the luxury market performance in your local area. Published monthly, LuxInsight provides you with A broad overview of real estate trends in the high-end real estate market. From median sale prices and active inventory to the current housing Demand and available active listings, LuxInsight gives you access to essential statistics you need to know. Beyond this valuable market information, Long & Foster s team of luxury sales associates is available to guide you through the real estate process. We believe luxury real estate is all about the individual, and when you work with us, you'll receive an experience tailored to your unique needs. You'll enjoy exceptional service and expertise, provided by agents who specialize in marketing and selling the most stunning luxury homes. You'll gain our exclusive connections around the world and get a luxury home experience with proven results. AT A GLANCE Active Inventory 55 New Listings 19 Units Sold 28 Median Sale Price $1,77, 62 6 58 56 5 52 5 48 46 1 12 1 8 6 2 7 6 5 3 2 1 $1,9, $1,8, $1,7, $1,6, $1,5, $1,, $1,3, Up 1.4% Up 51.4% Down -12.5% Up 12.4% 2
South Jersey Shore Area - July 218 Versus last July, the total number of homes more than $1 Million available this month was higher by 1.4% and lower by 7.7% compared to July of 216. Active inventory this July remained stable as compared to the previous month s supply of available inventory. Total Inventory INVENTORY PRICE RANGES $1M + 12.21% $1M - $2M 7.15% $2M - $5M 4.24% $5M+.82% 7 6 5 3 2 1 ACTIVE INVENTORY 58 593 594 577 561 524 519 55 573 579 564 59 567 542 517 523 529 526 521 53 523 498 5 535 531 57 485 497 519 528 524 5 55 55 NEW LISTINGS & NEW CONTRACTS New Listings New Contracts ACTIVE INVENTORY Versus Previous Years 1 12 1 8 6 2 9 9 72 53 45 57 58 19 65 6 55 5 45 55 498 3
South Jersey Shore Area - July 218 This month s units sold for homes more than $1 Million was lower than at this time last year, a decrease of 12.5% versus last July and an increase of 27.3% versus July of 216. There was a decrease of 3.% in luxury units sold in July compared to June of this year. 3 2 1 22 UNITS SOLD Versus Previous Years 32 28 7 UNITS SOLD 6 62 5 51 55 54 51 3 2 42 33 33 37 24 35 35 27 22 24 31 37 38 29 36 48 44 32 34 29 27 31 33 42 28 1 13 Sold Date City Zip Code RECENT SELECTED LUXURY SALES Final List Price Final Sale Price Sale Price as % of List Price July 13, 218 Avalon 822 $3,275, $3,175, 96.9% 224 July 3, 218 Avalon 822 $2,799, $2,65, 94.7% 111 July 6, 218 Avalon 822 $2,235, $2,235, 1.% 42 June 11, 218 Avalon 822 $3,295, $3,275, 99.4% 3 June 15, 218 Avalon 822 $2,995, $2,812,5 93.9% 151 June 8, 218 Margate 82 $1,69, $1,5, 91.1% 184 June 22, 218 Stone Harbor 8247 $1,495, $1,437,5 96.2% 288 June 29, 218 Margate 82 $1,335, $1,8, 94.2% 21 June 18, 218 Cape May Point 8212 $1,175, $1,15, 97.9% 76 June 15, 218 Avalon 822 $1,149, $1,17, 96.3% 142 DOM Buyer Long & Foster Represented Seller 4
South Jersey Shore Area - July 218 In July, the median sales price for homes more than $1 Million was $1,77,, an increase of 12.4% compared to last year. The current median sales price was higher by 8.9% than in June. $1,8, $1,7, $1,6, $1,5, $1,, $1,3, $1,522,5 MEDIAN SALES PRICE Versus Previous Years $1,575, $1,77, $2,, MEDIAN SALES PRICE $1,8, $1,6, $1,, $1,2, $1,, $8, $1,488,75 $1,565, $1,595, $1,522,5 $1,543, $1,45, $1,695, $1,55, $1,532,5 $1,595, $1,5, $1,6, $1,522,5 $1,6, $1,567,5 $1,6, $1,55, $1,355, $1,737,5 $1,593, $1,486, $1,685, $1,562,5 $1,487,5 $1,575, $1,639,166 $1,642,5 $1,645, $1,6, $1,365, $1,8, $1,775, $1,635, $1,519, $1,7, $1,6, $1,77, $6, $, $2, $ $1,, TOTAL DOLLAR VOLUME SOLD $12,, $1,, $8,, $6,, $,, Total volume sold this July was 5.6% higher than the same month one year ago. $2,, $ $66,495,9 $37,18,167 $51,635, $54,5, 5
South Jersey Shore Area - July 218 In July, the average sale price for homes more than $1 Million was 93.3% of the average list price, which is 1.5% lower than at this time last year. This month, the average number of days on market was 129, lower than the average last year, which was 153, a decrease of 15.7%. 1% 98% 96% 94% 92% 9% 88% 86% 93.6% SALE PRICE AS % OF LIST PRICE 94.7% 94.8% 93.3% 35 3 2 15 1 5 213 226 211 21 115 24 187 263 21 178 144 29 182 154 DAYS ON MARKET 222 187 169 173 288 276 127 159 17 221 153 17 179 182 179 124 222 137 151 195 141 189 129 MONTHS OF SUPPLY In July, there were 19.6 months of supply available, compared to 15.6 in July of 217. That is an increase of.6% versus a year ago. 45 35 3 2 15 1 5 13.8 23.7 11.7 14.4 17. 15.9 14. 42.3 23.9 16.5 17. 22.1 27.1 23.5 9.5 1.3 17.5 14. 13.8 18.2 14.6 13. 11. 11.9 15.6 14.7 9.9 1.4 17.5 18. 19.9 2.8 17. 15.9 12.9 13.8 19.6 6
South Jersey Shore Area - July 218 References & Definitions SOUTH JERSEY SHORE AREA: LISTING SOURCE, REPORTING AREA, & DEFINITION Based on data supplied by the SJSMLS/CMCAOR MLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Counties included in this area are: Atlantic and Cape May in New Jersey. Analysis dates for all regions are July 1, 215 through July 31, 218. MEDIA CONTACT Vicki Bendure, Bendure Communications Email: Vicki@bendurepr.com Phone: (5) 687-336 Contacts & Disclaimers CREATED BY Michael Bystry, Long & Foster Real Estate, Inc. Senior Market Research Analyst DISCLAIMER "Information contained in this report is based on data provided by the local area Multiple Listing Service and its member Association(s) of REALTORS. No representation, expressed or implied, should be taken from information herein. Neither these organizations nor Long & Foster Real Estate, Inc. guarantee or are in any way responsible for the accuracy of these results, which do not reflect all activity in the marketplace. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are July 1, 215 through July 31, 218. Information contained in this report is not limited to transactions done by Long & Foster Real Estate, Inc. The data reported is solely for residential real estate transactions. Information contained in this report is deemed reliable but not guaranteed, should be independently verified and does not constitute an opinion of Long & Foster Real Estate, Inc. For more information regarding your specific market, contact one of Long & Foster s knowledgeable and experienced sales associates. Analysis dates are July 1, 215 through July 31, 218". Material appearing in this report may be reproduced or copied without permission. Please use the following acknowledgement for citation: Source: Long & Foster Real Estate, Inc. and also cite the appropriate MLS. 7