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Report Date: January 14, 2011
Hello, and happy & healthy 2011!
For this month, I have changed the format of my Market Pulse report to re-cap the Downbeach (Ventnor, Margate & Longport NJ) and Atlantic City, NJ (AC) area real estate market of 2010. I will not have a selection of newly listed and newly sold listings for the four areas but rather some TOP PICKS to start the year. Next month I will go back to the original format you are used to receiving from me. Also, I am open to your suggestions on how to make this report more useful to you so please, send me your ideas and comments!...Now read on....
Looking Back at 2010 Every year I compile real estate statistics for the Downbeach area (Ventnor, Margate, Longport) & Atlantic City, and compare them to the previous year.1 So let´s take a look at the 2010 real estate numbers2 and see if the market was really as bad as most people are complaining it is. I was quite surprised with what I found based on all the negative noise about the market.
I compile my reports in two ways. The first report takes all sales in a specific town/city and lumps them into one number for average sales price3, median sales price4 and number of units sold. This is a big picture, broad look at the market. The second report breaks down the sales into much more defined categories for the different geographic areas such as 1, 2, 3 etc. bedroom condos, 1, 2, 3 etc. bedroom single family homes, commercial, and land. It is a much more in depth, detailed look at how a specific type of property sold in a specified time frame. For the purpose of this summary re-cap, this is just an overview of what the broad based numbers reported.1 If you would like the details of the other reports broken down by type of property, please e-mail me and I will be happy to send them to you. Margate: Based on the 2010 statistics, Margate might have reached its bottom in 2010 and is now headed up. The average selling price increased 10% over 2009 from $529,133 to $583,498. The median sales price increased 3% from 2009 to 2010 from $450,000 to $462,500. But the real gem in the market numbers is that the number of units sold increased 24% from 2009 from 189 to 235! Wow!! So prices are increasing in Margate and more properties are selling at these higher prices. Longport: These numbers were also very interesting. Like Margate, the number of units sold from 2009 to 2010 increased a whopping 24%. But what was also interesting is that the median price decreased 30% and average sales price went down 24%. The problem with Longport numbers is that it is a small area, and so few properties sold in general, that it is hard to get statistically meaningful numbers. A change from 29 units to 36 units sold is not very many to create a good sample pool. If there is one or two more sales in the year, then the median & average prices can change dramatically. Also, prices ranged widely, from $190,000 to $5,000,000. Again, with such a small number of units and such a large range, it is very hard to obtain a median and average price that is statistically significant. Ventnor: The Ventnor market appears to be relatively stable with a slight decrease in prices from 2009 to 2010. The number of units sold Atlantic City: Unfortunately, the Atlantic City market appears to have taken a big hit in the last year. This is because this market is heavily investor driven and everyone knows that the investors just aren´t "investing" in speculative real estate these days. Unit sales dropped from 256 to 223 for a decrease of 13%. But what is even more painful is that the median price dropped 23% and the average sales price dropped 21%. OUCH!! And these prices have been dropping since 2006 (not quite at this rate, but still dropping). Again, let's hope 2011 brings stabilization of this market. Once Revel starts building again, the investors should follow.
If you would like the full detail of these reports, please e-mail your request to me and I will be happy to send you the full market information in table format (which is very easy to read!). Let´s hope that 2011 brings only positive changes to these market indicators. Margate already has reversed the downward trend and Ventnor seems to be stabilizing. As always, I am here to answer any questions you have regarding the Jersey Shore real estate market. 1Data obtained from the South Jersey Regional MLS 2Numbers as of 1/12/2011 3Average is a number regarded as typical of a group of numbers, obtained by adding each member of the group and dividing the total by the number of members. 4Median is one type of average, found by arranging the values in order and then selecting the one in the middle. If the total number of values in the sample is even, then the median is the mean of the two middle numbers. The median is a useful number in cases where the distribution has very large extreme values which would otherwise skew the data. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Sherri's Top Picks
Here are some of Sherri's top picks. Great values, motivated owners!!
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Are you interested in finding out about Short-sales and Foreclosures in the Atlantic City and Downbeach area?
Would you like to receive e-mail notifications when new short-sale and foreclosure listings hit the market?
If so, please e-mail me or call my cell phone at (609) 287-1795. I would be happy
to add you to my list for receiving these "hot" deals.
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*** Do you want your own, personal Market Snapshot Report? ***
Do you want to know what is happening in the real estate market at the Jersey Shore?
Curious to know what is happening to the Median Sales Price, if there is a lot of inventory, or maybe how long you can expect your home to stay on the market if you put it up for sale?
You can have your personalized market snapshot report for Ventnor, Margate, Longport, or Atlantic City - for any type of property you are considering (commercial, residential, condo, land). Here is a sample report you can receive for Ventnor Residential:
To get customized market snapshot report click here. Or, you can e-mail me at: Sherri@NJ-ShoreRealEstate.com >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
To get more detailed information on market trends please contact me. I will send you a customized report for the area and type of property you are seeking.
Do you want to stay current on what is happening in the Jersey Shore Real Estate Market? If so, I'd like to invite you to subscribe to my Jersey Shore Real Estate News blog. This blog contains current newsworthy items such as:
As a blog member you will be notified by e-mail when a new article is posted. You can also post your own articles and comment on other postings. It is a fantastic opportunity for you to benefit for the experience of others and gain information on your investments as soon as the information becomes available.
The blog can be found at www.JerseyShoreRealEstateNews.com . I encourage you to preview it and become a Jersey Shore Real Estate News member so you can stay current on the Jersey Shore real estate market and your investments in a timely manner.
If you would like more detailed information about these properties or the Downbeach/AC area, I would be happy to customize a report for you. Simply e-mail me, or fill out my Dream Home Finder form. If you prefer to Search the MLS you can go to my web site at www.JerseyShoreDreams.com and search on your own.
As always, I am available to help you find your Jersey Shore Dream Home. I am easy to reach either by phone, fax or e-mail. Contact me anytime.
Kind regards,
Sherri
"Helping You Live Your Jersey Shore Dream" |
