Our Summary report of the Broad Atlantic County Market includes Single Family Residential Homes and Condominium Homes.  Excluded from the date are Multi-Family, Commercial and Land Transactions.

At a Glance, 4Q17 is UP 13.3% 📈 in terms of Total Transactions Year over Year.  And Year End sales for the Year 2017 are UP 14.5% year over year!  Homes are Selling at the Highest Rate in Atlantic County since 2005! 



2014
2015
2016
2017
Fourth Quarter Sales
716
880
1058
1199
% Change y/o/y
no change
+23%
+20
+13.3%
2017 Year End Sales
2804
3390
4127
4725
% Change y/o/y
-2%
+21%
+22%
+14.5%

Median Sales Price

Median Sales Price saw it's third consecutive quarterly up tick in the 4th quarter 2017!  The Second Quarter marked the first up tick in 5 years since the beginning of the Casino Closures and sharp increase in local unemployment.  The number of Bank Owned Sales saw a noted reduction from 1 in 4 Home sales in the First Quarter to  1 in 6 Homes Sold being a Bank owned Property in the Fourth Quarter.

The 4th Quarter Result was an increase in Median Sale Price of 8.3% Year of Year.


Year
Number of Fourth Quarter Sales
Median Sale Price
2017
1199
$167,900
2016
1058
$155,000
2015
880
$165,000
2014
716
$175,000
2013
710
$195,000
2012
619
$199,000
2011
569
$183,000
2010
579
$210,000

 

The Bank Owned Impact

Median sales price was influenced by the continued high number of Bank Foreclosed sales.  However, the Number of Sales of Bank Owned Properties in 4Q17 declined for the second consecutive quarter... from 27% of all sales in Q1 to 18.4% of all Sales in Q4.  The total number of bank owned sales for the Fourth Quarter declined 7.5% year over year.  This is a positive sign in terms of momentum as the bank inventory continues to absorb as fast as it becomes available and we are seeing a increase in traditional sales.

And in even better news... clearly there is light at the end of the tunnel.  For one, the good news is the number of sales are increasing at a faster clip than foreclosure listings are coming onto the market. Our inventories continue to become lower quarter to quarter and even month to month. 

While new foreclosure completions and REO listings/sales are occurring (& up to an all time high in Atlantic County year over year).... the vast majority of these foreclosure competitions initiated over 5 years ago. 

The really good news is that new foreclosure filings are dramatically lower year over year.  Over 76% lower in RealtyTrac.com's December, 2017 report.  And New Foreclosure Filings are DOWN 29% for the calendar year 2017, year over year.


Fourth Quarter
Number of Bank Owned Sales
Percentage of Total Sales
Median Sale Price of Bank Owned
Median Sale Price of Non-Distressed
2017
221
18.4%
$97,000
$219,000
2016
239
22.6%
$83,077
$212,250
2015
138
15.7%
$75,000
$205,000
2014
46
6.4%
$103,875
$217,837
2013
34
4.8%
$97,450
$224,700
2012
23
3.7%
$77,000
$225,000
2011
34
6%
$92,750
$206,500
2010
48
8.3%
$118,500
$235,000


YEAR END Totals - 5 Year Look Back - Atlantic County, NJ


2013
2014
2015
2016
2017
Total Listed67978028845186328016
Total Sold
28532804339041254725
Median $
$190,000$179,900$169,250$155,000$160,000
# Bank Sales
130186431828938
Percentage of Total Sales
4.6%
6.6%
12.7%
20%
20%
Median $ Bank Sales
$113,424$101,375$85,000$79,894$85,000
Median $ Non-Distressed
$220,500$215,000$215,000$210,000$215,000

For a Detailed Look at Your Southern New Jersey Community, View our Town Details Portion:

📊 4Q17 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS

📊 4Q17 MARKET UPDATE - SOUTHERN NEW JERSEY TOWN DETAILS...

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