You may have noticed an increase in commercial real estate activity recently. New businesses are opening, and moving to larger locations. In this post I’m going to focus in on a few moves.
The Black Horse Pike area of Egg Harbor Township and Mays Landing has seen many new activities. New businesses have moved into the Wal Mart shopping center in Egg Harbor Township. Along the English Creek area a new Dunkin Donuts drive through opened and Mavis Discount Tire. In Mays Landing a new strip mall center opened with a new Starbucks drive through and Sleep Number Store. Across the street from that is the new Outback Steak House.
Earlier this month JC Penny Officially closed it’s doors at the Hamilton Mall location in Mays Landing. This leaves the mall without two anchor stores. Sears also closed last year. Burlington Coat Factory is moving its location from Harbor Square in Egg Harbor Township to Consumer Square in Mays Landing.
One of my favorite restaurants Nizam’s also moved it’s location recently to a larger and nicer location in front of Harbor Square. If you are a business owner there are many opportunities in Atlantic County to start and grow a business here. Contact us for a no obligation consultation.
Margate is on of my favorite South Jersey Shore beach towns. I prefer the Ventnor/Margate beaches in the summer because they are not as crowded as Ocean City. Margate has more year round residents than some of the other shore tows. Margate is also home to my favorite summer eatery the Margate Dairy & Burger Bar. So lets take a look at the real estate market for Margate.
Margate City, NJ Real Estate Market Update
For single family homes new listings were down 40% and down 2% year to date. Closed units were down 20% for the month and 5.5% year to date. Days on market was just 50 days. Median sales price was also up 8%. Inventory of homes for sale is down 9.5%.
For condos and townhomes. New listing were down slightly. Closed sales were up 200% for the month and up 2% year to date. Days on market was up in this category. Median sales price was up 50% which indicates a few higher priced sales took place. Median sales price is up 11.8% year to date. Inventory of condos is down by 11% and months supply of inventory is down to 13 months.
If you or someone you know is looking to buy sell or invest in Margate real estate contact us now. Inventory is shrinking and prices are on the rise. This makes it a great time to sell and also a great time to buy before prices increase further.
Best wishes, Matt
Here’s a quick look at the real estate market for Egg Harbor Township, NJ from our latest research report. Home price do vary on a monthly basis as often time one high or low priced home can skew the numbers. Here are the important numbers to look at for single family homes. Inventory is down nearly 5%. Home prices are up 2.3% year to date. Days on market is down to 71 days on market year to date and just 55 days on market for the month of November. Closed sales are up nearly 8% year to date.
For condos and townhomes prices are up year to date by nearly 30%. The number of closed sales is down 32% year to date. Egg-Harbor-Township-December2108marketupdate
If you or someone you know if buying or selling a home in Egg Harbor Township, NJ contact me for customized market report based on your specific criteria and location.
One of the largest and most popular areas of our region is Egg Harbor Township. I’d like to highlight some of the interesting market statistics derived from the multiple listing service to help home sellers and buyers in the area be aware of what is going on in the market.
This first chart shows the median for sale price and median sold price. We look at the February 2017 numbers and then go back to compare those number with a year ago. The median for sale price did not change. The median sold price went down by 14%.
Egg Harbor Township, Median for sale and sold price. Feb. 2017.
The second chart shows supply and demand by month for Egg Harbor Township. The red bar shows the supply of homes for sale and the green bar shows the number of homes sold. Supply is down by 2% and sold properties are up by 3%. This is good news for sellers. You have less competition and more homes selling than this time a year ago.
The last chart shows the average days on the market up by 17% to 88 days on the market. In this market as a seller you do not want to be average. Our goal is to sell your home during the peak “window of opportunity” the first 4-5 weeks a home comes on the market.
Who do you know looking to sell or buy a home? Please call me for a complementary consultation.
Supply and demand for Egg Harbor Township, NJ, Feb 2017
Average days on market for Egg Harbor Township, NJ Feb. 2017
Here is an overview of the real estate market for The Wildwoods and Diamond Beach. 4th Quarter average sales price was $309,101. This up 3% from the 3rd quarter of 2015 and up .07% from the 4th quarter of 2014. Median sales price was a$255,000. That’s a 6% increase from the 3rd quarter and a decrease of 8.8% from the 2014. 204 units sold in the 4th quarter of 2015. That a decrease of 2.4% from the 3rd quarter and an increase of 8.5% from 2014. Days on the market has gone down to 132. That 3 days less than the 3rd quarter and 15 days less than it was a year ago. Now is a great time to buy, invest and sell at the shore! For more information on Wildwoods and Diamond Beach Real Estate contact me. Matt
Wildwoods and Diamond Beach real estate statistics 4th quarter 2015
Here’s what’s happening in the Ocean City, NJ real estate market:
Average sales price of $588,770 has gone down by 1% compared to the 3rd quarter of 2015 and down 1% from 4th quarter of 2014. Median sales price of $481,000 is down 7% compared to the 3rd quarter and 1% down from 2014. Sales volume of 222 units sold is down 7% from the 3rd quarter and up 2% from 2014. Days on market has gone up also to 128 days on market.
Right now is a great opportunity to buy sell and invest in Ocean City. Please contact me for more information on Ocean City, NJ real estate. Matt
Market Report For Ocean City, NJ 4th quarter 2015.